Retirement tax could be next if 'fair tax' passes, Moody's says
from Illinois Policy
Illinois Gov. J.B. Pritzker has tried to sell his signature policy proposal, the progressive income tax amendment, as a fix to the state’s chronic budget deficits and ever-rising debt burdens. But recent reports from credit rating agency Moody’s Investors Service show why the so-called “fair tax” would fail to fix the state’s financial problems while exposing retirees and the middle class to higher taxes.
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