SPRINGFIELD, IL (KFVS) - Illinois Governor JB Pritzker along with state lawmakers have annnounced a major step forward for the fair income tax.
Lawmakers have introduced language to amend the state’s Constitution. It currently requires that all taxpayers pay the same rate, regardless of their income.
Pritzker’s proposed fair income tax would address the state’s multi-billion-dollar budget deficit by raising taxes on those making more than $250,000. That represents three percent of current taxpayers.
The proposed tax includes:
- The General Assembly shall provide by law for the rate or rates of any tax on or measured by income imposed by the state. In any such tax imposed upon corporations the highest rate shall not exceed the highest rate imposed on individuals by more than a ratio of 8 to 5.
Currently the tax includes:
- A tax on or measured by income shall be at a non-graduated rate. At any one time there may be no more than one such tax imposed by the State for State purposes on individuals and one such tax so imposed on corporations. In any such tax imposed upon corporations the rate shall not exceed the rate imposed on individuals by more than a ratio of 8 to 5.
“Working with the General Assembly, my administration is taking an important next step to change our tax system to be more fair to the middle class,” said Pritzker. “The action we’re taking today means we are one step closer to giving voters a choice about whether the wealthy will pay more and 97% of families will pay the same or less. I’ve said from the beginning that it doesn’t make sense that I pay the same rate as a teacher or first responder, and today brings us closer making Illinois’ tax system fair.”
Illinois Republican Party Chairman Tim Schneider Released the following statement in response:
“Governor J.B. Pritzker is a tax-hiking hypocrite," Schneider said. "He’s pushing an indefinite number of tax hikes on Illinois families and businesses, yet he dodged hundreds of thousands of dollars in property taxes on his own Chicago mansion. An independent watchdog called Pritzker’s property tax dodge a ‘scheme to defraud.’ And we all know how Pritzker offshores his business interests in the Bahamas to dodge taxes. That only scratches the surface of Pritzker’s tax-dodging schemes. When J.B. Pritzker pays his fair share, then he can sincerely ask Illinoisans to pay more. Until then, he should stop pushing tax hikes.”
More information is available at www.illinois.gov/FairTaxCalculator.