The Fair Tax Failed–Now What?

Much to the dismay of Chicago progressives, the state ballot initiative to create a graduated income tax, or “fair tax,” failed on Election Day. “What’s next?” Where’s the money going to come from? Most likely, an across-the-board hike on income taxes. According to Drazzel Feliu, research director for the Chicago-based Center for Tax and Budget Accountability, “The likelihood that a general increase to the income tax rate is coming I would peg as very high.”