A new report from the Chicago-based Civic Federation indicates the state might be leaving a whole lot of revenue on the table by failing to tax retirement income in the same way that it taxes wages.
aIn a March article on Illinois News Network, reporter Cole Lauterbach wrote that estimates by the Civic Federation suggest the state could rake in an additional $2.7 billion in revenue by taxing retirement income at 4.95 percent, the same rate it taxes wages.
“It is a bad idea to raise taxes and institute new taxes particularly on retired residents," Jay Kinzler told the DuPage Policy Journal during a recent interview about taxing retirement income.
Kinzler, a Glen Ellyn Republican seeking to unseat Rep. Deb Conroy (D-Villa Park) in the 46th District, suggested that new taxation has a negative impact on residents even though it raises revenue.
“More residents would leave Illinois,” Kinzler said. “Raising taxes is not the solution to making our state solvent. Spending reform is what will make our state solvent.”
Kinzler also had some harsh words for House Speaker Mike Madigan (D-Chicago) and other Illinois politicians who have been longtime officeholders.
“New tax revenue in Illinois is not used wisely,” Kinzler said. “The current leadership directed by Mike Madigan are not good stewards of the taxpayers' money.”
Kinzler said that if elected to the House he would bring a new kind of thinking to the table.
“My goal as a state representative will be to lower income and property taxes and depose Mike Madigan as speaker of the general assembly,” Kinzler said.
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