New Report Recommends Graduated Income Tax for Illinois
It promises to be one of the most contentious issues in the governor’s race: Should Illinois move from a flat income tax to a graduated, or “progressive” income tax, with different tax rates based on income? A legislative hearing on the matter is set for later this week, and on Monday a prominent local tax watchdog group weighed in with a resounding “yes” to the above question.
A new report Monday says that a progressive income tax could help bring in $2 billion in much needed extra revenue to the state, and would result in only 2 percent of taxpayers paying higher taxes than they currently do.
Click here for more.