Illinois Is Pushing People To Leave

Really. They can’t keep taxing the productive and expect them to stay. The state is run by short-sighted Democrats. They don’t care about how their decisions will affect the future.

“Illinois’s ‘Privilege Tax’ Proposal Forgets Citizens’ Right to Leave”

“The state can’t even pass a budget, but it wants to put a new 20% levy on fees to financial professionals.”

Proponents here call it the “privilege tax.” In their continuing quest to punish the productive areas of the economy, liberal groups are pushing legislation in blue states that will force finance professionals to pay up—or move out.

The Illinois bill would put a 20% levy on fees earned by investment advisers. It passed the state Senate in a 32-24 vote Tuesday, and backers are hoping to get it through the House before the legislative session ends May 31.

The new tax is pitched as a way to squeeze more revenue—as much as $1.7 billion a year—from hedge funds and private-equity firms, which purportedly get off easy on their federal taxes because of the “carried interest loophole.” But under the current version of the bill, Illinois would keep collecting the privilege tax even if Congress were to cease taxing carried interest at the lower capital-gains rate.”

More at the Wall Street Journal