Demmer pushes against taxing retirement income in Illinois

SPRINGFIELD (WGEM) – The Republican candidate for Treasurer stated Illinois mustn’t tax retirement revenue.

There have been rumors in 2020 that Treasurer Mike Frerichs stated Illinois could should tax retirement revenue like pensions and 401Ks if voters didn’t approve the graduated revenue tax modification. Fifty-four p.c of Illinois voters rejected the Pritzker administration’s “Truthful Tax” proposal throughout the 2020 election, however Frerichs additionally denies he ever stated taxing retirement was an possibility.

Rep. Tom Demmer (R-Dixon) stated Republicans stand with nearly all of Illinoisans who voted towards the graduated revenue tax plan. Demmer stated Tuesday that Democrats elevated spending by 10% within the Fiscal Yr 2023 price range whereas state revenues are declining.

He feels Democrats like Gov. JB Pritzker and Frerichs will likely be asking for one more tax improve to make up for much less income over the following few years.

“That needs to be off the desk. The voters have spoken,” Demmer stated. “The folks of Illinois have spoken and we shouldn’t be contemplating additional graduated tax amendments or additional revenue tax will increase.”

Demmer has created a petition for voters to inform Illinois leaders they don’t help a tax on retirement revenue. The petition is already on Demmer’s marketing campaign web site. Demmer’s staff asks if supporters agree that we must always defend, not tax, Illinois residents’ retirement.

He additionally filed a Home Decision earlier this 12 months to affirm belief in Illinois voters rejecting the trail to taxing retirement revenue. Though, that decision solely has Republican co-sponsors and by no means left the Home Guidelines Committee.

Frerichs stated Tuesday that he has opposed making a retirement tax for years and burdened that anybody contradicting it’s mendacity.

“The details are easy: Tom Demmer is determined as a result of Tom Demmer is a failure,” Frerichs stated. “He walked hand-in-hand with Gov. Rauner to help laws that attacked working households, attacked lecturers, and practically bankrupt Illinois.”

Rep. Tim Butler (R-Springfield) supported Demmer’s effort throughout a press convention on the Capitol Tuesday morning. Butler stated he’s glad voters rejected the so-called Truthful Tax as a result of it will have led to uncertainty for many individuals.

Butler talked about that his sister moved again to Illinois from Washington state and was glad she wouldn’t have to fret a couple of retirement tax.

“She wasn’t glad about her property taxes coming again, however what she stated was that one benefit we’ve got in Illinois is the truth that we wouldn’t tax her retirement,” Butler stated. “Not taxing retirement revenue is likely one of the benefits we’ve got right here within the state of Illinois to attempt to entice folks to the state of Illinois.”

Demmer claimed that Frerichs has supported elevating taxes on all Illinoisans since 2007. He additionally believes somebody serving as treasurer needs to be accountable to voters and advocate for issues {that a} majority of Illinoisans consider in.

“Past the precise constitutional position of treasurer, the treasurer needs to be a watchdog and an outspoken advocate for accountable monetary insurance policies,” Demmer stated. “They need to be speaking in regards to the selections we’re making as we speak are affecting our fiscal future.”

In the meantime, Frerichs stated the state and nation want extra widespread sense as an alternative of drama, deceit, and divisiveness.

“We’d like officers who will struggle for normal folks, for working folks, for individuals who really feel marginalized and left behind,” stated Frerichs. “We are able to have secure streets, good faculties, and native management once we respect one another. Tom Demmer’s file reveals he doesn’t respect ladies, doesn’t respect working households, and won’t work with all of Illinois.”

The Basic Election is Nov. 8.

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