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Illinois House committee OKs progressive income tax plan

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Illinois House committee OKs progressive income tax plan

( KTRS ) A measure asking voters in November to tax Illinois’ wealthiest residents at higher rates is heading to the full House for consideration. The current income tax rate is 3.75 percent. Under the measure most residents would see a slight decrease in what they pay. The tax rate would be 3.5 percent for […]

Illinois House committee OKs progressive income tax plan

( KTRS ) A measure asking voters in November to tax Illinois’ wealthiest residents at higher rates is heading to the full House for consideration.

The current income tax rate is 3.75 percent. Under the measure most residents would see a slight decrease in what they pay. The tax rate would be 3.5 percent for joint filers making $200,000 or less and individuals earning $100,000 or less. The rates would increase gradually by income until they reached 9.75 percent for joint filers making more than $1.5 million and individuals earning more than $1 million.

Lawmakers say the measure could generate $1.9 billion.

The Illinois Chamber of Commerce says a progressive income tax would hurt businesses.

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