Vote no to the dreaded fair tax. If that passes, they'll be able to raise any tax any time they want, including taxing your 401k.
Well, 3 out of 5 is still batting .600. Screw the "fair tax" without any property tax relief or limits.
I got into this with my cousin and finally gave up.
They can *already* raise the tax any time they want.
In 2011, the Illinois government temporarily raised the personal income tax rate from 3% to 5% in order to raise revenues. The rate was set to drop to 3.75% in 2015.[8] In January 2014, the non-partisan business group Civic Federation of Chicago estimated that the prescribed cut in income tax would yield decreased revenues of $1.4 billion in FY15 growing to $2.7 billion in FY16.[9] In its own analysis, the federation projected that the loss of revenue "would dramatically destabilize Illinois' already weak financial condition." They argued that the loss of revenue would be bad for Illinois' businesses, due in part to the fact that the state still owed many private businesses money.[10] Governor Pat Quinn proposed extending the 5 percent flat tax indefinitely, while other groups sought to use a graduated tax to raise revenues.[8]
The ballot measure is pretty narrowly written from what I can see - it just allows a graduated rate instead of a flat rate.
What does this have to do with your 401k? Nothing in your 401k is income until you take it out, and when you take it out, it's taxable if it's a regular 401k, and not taxable at all if it's a Roth.
The weird misinformation on the right with respect to this ballot measure is truly baffling
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