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.
This story originally appeared in Illinois Policy on March 7, 2018, and was written by Bryce Hill.
“I’M GOING TO SPRINGFIELD TO DEFEND OUR HOMES, REPRESENT THE PEOPLE’S INTERESTS AND STOP THE RAISING OF PROPERTY TAXES.”
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