Illinois House OKs tax rates for proposed graduated scale
SPRINGFIELD, Ill. (AP) — Democrats who control the Illinois House on Thursday approved tiered income-tax rates that would take effect if voters opt for revamping state taxation to hit higher incomes harder, a plan they say is aimed at attacking the state's crippling debt.
The 67-48 vote followed blistering criticism from Republicans. They claimed it's not the ticket to financial stability that Democratic Gov. J.B. Pritzker promises, but to runaway government spending.
The vote came on the next-to-last day of the General Assembly's spring session and finalized a Pritzker campaign centerpiece. The plan would replace the current 4.95% flat rate with a progressive scale topping out at 7.99% for the wealthiest residents of Illinois.
The overhaul would raise $3.4 billion in new annual revenue, according to Pritzker. It would take effect in 2021 only if voters in next year's election approve an amendment to the state constitution, which currently stipulates that income be taxed at a flat rate.
Read more: https://www.nwitimes.com/news/state-and-regional/illinois/illinois-house-oks-tax-rates-for-proposed-graduated-scale/article_336c259d-a6a4-501e-b442-47004460fb34.html
(Northwest Indiana Times)
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