Republican Candidate For Illinois Treasurer Wants To Block Taxing Retirement Income

By Andrew Hensel |, The Center Square

ILLINOIS — The Republican candidate for Illinois state treasurer introduced two measures Tuesday he hopes will block any attempt to tax retirement income in Illinois.

State Rep. Tom Demmer won the Republican primary for treasurer in June and will face incumbent Mike Frerichs in the upcoming general election.

At a news conference on Tuesday, Demmer introduced a House resolution that seeks to block a retirement income tax that he says could be coming.

Demmer said the action comes in response to Frerichs and Gov. J.B. Pritzker introducing a $3 billion tax increase plan in 2020 that voters ultimately rejected.

"Two years ago, the people of Illinois overwhelmingly rejected the Pritzker-Frerichs $3 billion income tax increase, with one of the driving forces behind that opposition being that Mike Frerichs said the plan could open the door to taxing retirement income," Demmer said. "Now more than ever, we need to take bold action to protect Illinois families from even more taxes, including a tax on retirement income."

Demmer explained his two steps of action during Tuesday's news conference.

"First, there is a petition where voters can sign up and say whether or not they support a tax on retirement income," Demmer said. "I also introduced House Resolution 753, with dozens of co-sponsors on it to affirm and stand with the majority of Illinoisans who rejected that tax in 2020."

In June 2020, the Daily Herald reported that Frerichs, at a Des Plaines Chamber of Commerce event, told the group that passing the progressive tax would allow the state to tax the retirement income of wealthier Illinoisans.

At a news conference in August 2020, Frerichs said he was against taxing retirement income.

"I was not pushing for that taxation," Frerichs said. "What we talked about was the progressive tax and how that would only affect about three percent of taxpayers out there, taxpayers making more than a quarter of a million dollars a year. That is something I support."

The election for state treasurer will be held on Nov. 8.

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