Progressive Income Tax Proposal Would be Tax hike for Majority of Illinois
A new tax proposal in Illinois that is being advertised as “taxing the rich” will actually be a tax hike for a vast majority of Illinois taxpayers, starting with individuals earning as little as $17,300.
Here is the original story as reported by Illinois Policy:
‘FRIENDLY’ PROGRESSIVE TAX PROPOSAL WOULD HIKE TAXES ON ILLINOISANS MAKING MORE THAN $17,300
The $3.6 billion tax hike would cost the typical Illinois family $665 in additional income taxes.
Proponents of scrapping Illinois’ constitutionally protected flat income tax say they just want to hike taxes on the rich. But a proposal in Springfield lays bare the true intentions of a progressive tax in Illinois: hiking taxes on the middle class.
A progressive income tax proposal introduced by state Rep. Robert Martwick, D-Chicago, would constitute a tax hike for a vast majority of Illinois taxpayers, starting with individuals earning as little as $17,300 (for a single filer with no dependents). The proposal has been assigned to the House Growth, Reform and Fairness Subcommittee, which is scheduled to meet March 8.
House Bill 3522 – known as the Fiscally Responsible Illinois Entering New Days and Leaving Yesterday, or FRIENDLY, Act, proposes the following income tax rates:
- 4 percent for income between $0-$7,500
- 5.84 percent for income between $7,500-$15,000
- 6.27 percent for income between $15,000-$225,000
- 7.65 percent for income above $225,000
This plan, which is estimated to raise an additional $3.6 billion, is a 21 percent income tax increase.
“I’M GOING TO SPRINGFIELD TO DEFEND OUR HOMES, REPRESENT THE PEOPLE’S INTERESTS AND STOP THE RAISING OF PROPERTY TAXES.”