Reducing tax break for private school scholarships would only hurt Illinois

Gov. J.B. Pritzker, as part of the state’s next budget, wants to reduce the tax credit for the Invest in Kids Scholarship Tax Credit Program to 40% from its current 75%. The governor says this is to “close a corporate loophole.” In reality, it likely will result in a poorer education for some students and surely greater cost to the state and local school districts.

Our family has contributed to the Invest in Kids Act, helping to create scholarships. For every $100 contribution, we have received a $75 state tax credit. Our contribution likely has allowed three students to attend faith-based schools that their parents otherwise could not afford. Without the scholarships, these students likely would be attending a public or charter school that provides no greater an education, and probably a lesser one, at substantial cost to the state and school district.

The governor has made this proposal in the name of “closing a corporate loophole.” There must be another reason.

Donald Gimbel, Elmhurst

Taxing billionaires

While millions of families have struggled through the COVID-19 pandemic, billionaires in the United States have watched their fortunes increase by 40%. This has resulted in an extreme concentration of wealth not seen in any other major economy.

The gross lopsided accumulation of such wealth could be lessened — and the additional revenue used to help those in need — with the Ultra-Millionaire Tax Act, which would be imposed a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion. It would impose an additional 1% annual surtax on the net worth of households and trusts above $1 billion.

It is important to keep in mind that wealth inequality in our country is on average worse for Black and Brown families. By taxing the ultra-rich, our country could redistribute that wealth into programs and services benefiting some of our most vulnerable and systemically harmed citizens. This would be a true step toward racial and financial equity.

Over the next 10 years, the UMTA would generate $3 trillion. This money could be used for countless applications. Personally, I would hope to see it go toward setting up alternatives to policing and incarceration across the country.

With that kind of money, we could establish robust mental health response services, substance counseling, affordable housing, educational programs and more systems that would put healing and empathy before prosecution and incarceration.

By passing the UMTA, we could take a huge step toward wealth equality in what is currently a tragically unequal country.

Theo Zucker, Andersonville