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Study Finds Taxing Illinoisans Retirement would have Devastating Effects

A recent study from Wallethub places Illinois 45th out of 50 for best states to retire, and ranks Illinois dead last in their “taxpayer ranking”.

Illinois State Representative and candidate for State Treasurer Tom Demmer said the statistics were disappointing but not surprising.

“Two years ago our Illinois State Treasurer Mike Frerichs publicly floated the idea of taxing Illinois retirement income, stripping retirees of one of the few tax benefits left in this state,” said Rep. Demmer. “That doesn’t just send a negative message to people entering their golden years, but it discourages people for all stages in life from planting their roots and growing their families in Illinois at all.”

The study also shows that out of 182 Cities across the U.S. measured for best places to retire, Illinois puts forth only two cities, Aurora at 171st and Chicago at 154th, while other surrounding states had better rankings.

Demmer said he is running for Treasurer to be a fiscal watchdog for all Illinoisans and combat Treasurer Frerichs’ recurring attempts to raise taxes.

This year, he introduced H.R. 753, which petitions the Illinois General Assembly to reaffirm Illinois residents’ overwhelming rejection of Gov. Pritzker’s failed attempt to change the Illinois constitution to allow politicians to raise taxes indefinitely with a progressive tax, and, according to Frerichs, make it easier to begin taxing retirement income. Additionally, he has launched a new online petition for Illinoisans to formally register their opposition to Frerichs’ tax on retirement income.

“We will continue to struggle to attract new families to our state until we elect fiscal leaders who will act as a check and balance in Springfield,” Demmer said. “That’s why I’m running for Treasurer, to be a fiscal watchdog who will fight for the future of our state.”


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