Not altogether surprising news, but disappointing nonetheless. Today, the House voted down Rep. Mike Smith's (D-Canton) constitutional amendment to double the Illinois income tax on those making over $250,000 annually. According to the Tribune, the amendment received 52 of the 71 votes needed to pass. Dan Johnson-Weinberger nicely summarized the ridiculousness of the opposing arguments:
During debate on the floor today and in the State Government Administration Committee yesterday, several legislators who opposed the amendment felt that this would hurt economic development. Why?
Because by taxing people who have a good year and earn more than $250,000, that could induce them to move somewhere else. And the best way to generate jobs and wealth and economic development, in that view, is to induce wealthy people to live in Illinois by not taxing them much at all.
That's better than investing in a smarter workforce and better schools.
That's better than a modern transportation network.
It's better to keep taxes on the wealthiest low -- like a tax haven, really -- than it is to invest in all of our people through better schools and better public services.
That's the core of the economic development strategy advanced by opponents of this amendment.
And that sure seems like a lame economic development strategy to me.
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