CARBONDALE, Ill. (KFVS) - As Election day is coming up shortly, many things will be on the ballot. One of those things is the Fair Tax proposal.
John Jackson, of the Paul Simon Institute on the campus of Southern Illinois University, explained what the fair tax could mean for residents if the proposal wins.
“That is the lower-income people pay a lower rate than the middle-income people, middle and higher and so forth,” he said.
Across the nation, 32 states already have a progressive income tax.
Illinois is currently under the Flat Tax system, where everybody pays the same 4.9 percent no matter how much money you make.
The Paul Simon Institute held its own poll, to see where the numbers were on this proposal.
“Our poll that we did in February showed that 66 percent of those who are register voters said they favored the graduated income tax,” stated Jackson.
The proposal needs 60 percent or over to pass.
Jackson said this is going to be a very tight race all the way to the finish. Both parties will be campaigning hard. “So this is going to be a very competitive race.”
Governor Pritzker said if the proposal passes, it could generate $3 billion by increasing the tax on high income earners.
This calculator shows how your taxes would be impacted if the proposal passes.