All Press Items

May 4, 2018

We've been hearing a lot of debate lately about the merits and demerits of a graduated, or "progressive," state income tax.

Illinois' constitution mandates a "non-graduated rate." Everybody from the poorest to the wealthiest currently sends 4.95 percent of their taxable personal income to the state.

The Center for Tax & Budget Accountability recently unveiled a graduated income tax proposal that it claims would reduce taxes for 98 percent of Illinoisans. Under its plan, income over $300,000 per year would be taxed at an 8 percent rate. The highest rate, 9.85 percent, would apply to annual income above $1 million.

Source: Crain's Chicago Business