I agree with your editorial opposing the Illinois constitution amendment. Here is something most do not consider.
There is a trap in the Illinois tax amendment that is easily overlooked. The amendment states in part, "In any such tax imposed upon corporations the highest rate shall not exceed the highest rate imposed on individuals by more than a ratio of 8 to 5."
Right now the highest, only, individual rate is 4.95% and corporate 7% or 7 to 5 ratio. The "proposed" (not guaranteed) highest individual rate is 7.99%. on incomes over $250,000 single or $1,000,000 joint. If the same 7 to 5 ratio is maintained the corporate rate would be 11.30% or 12.91% if the full 8 to 5 ratio is used.
The corporate rate is not based on graduated income, but net income.
Here is the trap. The proposed "fair tax" has 3 brackets. There is nothing in the amendment saying how many brackets will be used. Let me present an extreme example; there is nothing preventing the creation of a fourth bracket. Let's say it will tax individual income over $50,000,000, fifty million, at 50% that won't effect anyone. But what is the effect on corporations could be as high as 80%.
Let's not give this, or any future, governor a blank check. You can do whatever you want, but I am voting NO!