IFT strongly supports the Fair Tax constitutional amendment on the ballot this fall. It will bring fairness to our tax system, stabilize Illinois finances, fund education and vital services, and safeguard pensions.
Opponents have been spreading lies about the Fair Tax affecting retirement income. These opponents, funded by the millionaires and billionaires who don’t want to pay their fair share, are the same people who continually attack unions and public worker pensions.
KNOW THE FACTS
FACT: The Fair Tax DOES NOT tax retirement income.
Under Illinois law, retirement income is exempt from taxation. In fact, passing the Fair Tax will help prevent any efforts to tax retirement income because the state will be able to raise much-needed revenue from those making over $250,000 a year.
FICTION: The Fair Tax is a tax on retirement income.
FACT: The Fair Tax DOES NOT create a way to tax retirement income.
This is a scare tactic and it is simply NOT TRUE. Nothing in the Fair Tax changes the tax-exempt status of retirement income.
FICTION: The Fair Tax paves the way for future tax increases.
FACT: The Fair Tax is endorsed by the AARP
and labor unions around the state — the same unions who fight to protect
retirement security year after year.