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Quinn advocates for millionaire tax to ease property tax burden

By FOX 32 News
Published  October 24, 2024 4:52pm CDT
Illinois Politics
FOX 32 Chicago

Former Gov. Pat Quinn calls Illinois voters' attention to tax-saving referendum

Former Illinois Gov. Pat Quinn has been trying to convince voters to sign off on a non-binding referendum asking whether the state should raise taxes on incomes over $1 million to pay for property tax relief.

The Brief

    • Former Illinois Governor Pat Quinn is advocating for a non-binding referendum on property tax relief.
    • The proposal suggests raising income taxes on millionaires to fund homeowner rebates.
    • Quinn hopes the referendum will build momentum for future legislative changes.

CHICAGO - Former Illinois Governor Pat Quinn is back on the campaign trail, though not for an elected office.

This time, the former governor is advocating for a non-binding referendum aimed at providing property tax relief to Illinois residents.

Quinn, a Democrat, is urging voters to support a proposal that would ask whether the state should raise income taxes on individuals earning more than $1 million annually. Under the proposal, the income tax rate for millionaires would increase from 4.95% to 7.95%, potentially raising $4.5 billion per year. That revenue would be used to offer annual rebates to property owners, alleviating the burden many face from high property taxes.

"We have to do something to bring down the property tax burden," Quinn said. "A lot of folks have to move because of the high property taxes."

Illinois is home to 77,000 millionaires, while more than 3 million households currently pay property taxes. Quinn argues that the increase would balance the scales, noting that "there are a lot of tax breaks for millionaires and high property tax bills for everyday people. Taxes should be based on ability to pay."

While the referendum is non-binding, meaning it won’t directly change state law, Quinn hopes it will generate enough public support to pressure lawmakers into action. His ultimate goal is a future constitutional amendment that would allow Illinois to have more than one income tax rate—a step he believes is necessary to bring meaningful relief to property owners.

Opponents of the proposal worry it could push more individuals out of the state. A study released earlier this year by WalletHub ranked Illinois as having the second-highest property taxes in the country, behind only New Jersey.

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