Under the governor’s plan, those making more than $250,000 would see a jump to 7.75 percent, for single and joint filers.
After more than a year of dodging specifics on the campaign trail, Democratic Gov. J. B. Pritzker on Thursday unveiled proposed tax rates under a graduated income tax structure, which he’s touted as an essential fix for the state’s dire finances.
Under his plan, those making more than $250,000 would see a jump to 7.75 percent, for single and joint filers.
Pritzker has said he wants a progressive income tax approved before the Illinois General Assembly adjourns in May. And he has the support of Illinois House Speaker Mike Madigan and Illinois Senate President John Cullerton. Should it pass, it would set a start button on a lengthy public campaign leading up to a November 2020 referendum seeking the required change to the state constitution.
And like clockwork, the unveiling of proposed rates prompted a war with Republican lawmakers and business groups.
The governor’s office on Thursday released a spreadsheet about the proposed rates, claiming it would provide tax relief for 97 percent of Illinois families, or those who make $250,000 or less. Those making up to $10,000 would pay a 4.75 percent rate; those making $10,0001 to $100,000 would pay a 4.90 percent rate; those making $100,001 to $250,000 would be taxed 4.
