Big Money Funds Debate on Illinois Graduated Income Tax Vote
Oct 12, 2020 @ 6:27am
SPRINGFIELD, IL (AP)–Illinois voters are being asked whether they want to change the state’s income-tax structure from a flat-rate system to one that reportedly takes more from wealthier residents.
Gov. J.B. Pritzker is backing what he calls the “fair tax,” and promising that no one making less than $250,000 would pay more. That’s 97% of taxpayers.
But wealthier taxpayers would pay up to a top rate of 7.99%. In theory, it would generate $3.4 billion more a year in revenue.
Opponents claim it will give lawmakers a “blank check” to increase spending without paying the state’s massive pile of debt, and would also tax retirement income, and raise taxes on small businesses at a time, when many are failing due to heavy state ordered Coronavirus restrictions.