ILLINOIS CHAMBER OF COMMERCE: New Report Recommends Graduated Income tax For Illinois
Illinois Chamber of Commerce issued the following announcement on May 2.
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.
Original source can be found here.