Illinois State Senator Andrew Chesney said on May 12 that the proposed ‘Millionaire Tax,’ a plan to impose a new 3% surcharge on income over one million dollars, failed to move forward in the General Assembly after missing its constitutional deadline. The measure did not receive significant attention as it stalled, and Chesney described its defeat as “the sweet sound of another Democratic money grab hitting the pavement.”
The proposal was intended to raise taxes on high earners in Illinois, but Chesney argued that such measures target small businesses and job creators rather than just wealthy individuals. He referenced past attempts at similar tax changes, saying, “Remember, the 2020 progressive income tax referendum? Voters crushed it. Yet here came the same crowd… pushing a sequel nobody asked for.”
Chesney also questioned whether political considerations influenced the decision not to pursue the measure further this session. He said, “Maybe… enough Democrats realized attaching another flaming tax failure to JB Pritzker’s résumé wasn’t the smartest move for a guy with presidential stars in his eyes.”
He warned that higher taxes would affect small businesses operating as pass-through entities and claimed this could result in increased prices for consumers and fewer opportunities for workers. According to Chesney: “Businesses don’t eat tax increases. They pass them on to you: higher prices at the register, frozen wages, fewer hires, canceled expansions.”
Chesney raised concerns about so-called “bracket creep,” suggesting that new tax brackets often expand beyond their original targets over time. He cited examples from other states where he said similar policies led businesses and residents to leave.
Chesney concluded by cautioning constituents that although this particular proposal had failed for now, similar efforts may return: “The ‘Millionaire Tax’ is dead, for now. But don’t kid yourself. These folks never quit.” Chesney was elected as a Republican senator representing Illinois’ 45th Senate District in 2023 according to Wikipedia.
