Graduated Income Tax Hike Disproportionately Affects Women & Minorities, Shrinks Illinois Economy by Nearly $2 Billion, Increases Consumer Costs, Leads to Reduced Household Spending
SPRINGFIELD, IL – An independent analysis conducted by Berkeley Research Group in conjunction with Ariel R. Belasen, Professor at SIUE, shows that passage of the graduated income tax on the November ballot would have devastating consequences to Illinois’ economy, consumers and jobs. If passed, the Tax Hike Amendment would shrink Illinois’ economy by nearly $2 billion, increase consumer costs by $332 million, lead to out-migration that would reduce household spending, and result in disproportionately more job losses in hospitals, restaurants and individual and family services that tend to employ more women and minorities.
The authors of the study were granted complete independence to provide an objective analysis of the effects of the proposed Income Tax Hike Amendment.
