State Taxes Going Up For Illinoisans Making Over 17K
IllinoisPolicy.org is reporting, "A progressive income tax proposal introduced by state Rep. Robert Martwick, D-Chicago, would constitute a tax hike for a vast majority of Illinois taxpayers, starting with individuals earning as little as $17,300 (for a single filer with no dependents). The proposal has been assigned to the House Growth, Reform and Fairness Subcommittee, which is scheduled to meet March 8."
In other words, the tax would look something like this:
House Bill 3522 – known as the Fiscally Responsible Illinois Entering New Days and Leaving Yesterday, or FRIENDLY, Act, proposes the following income tax rates:
- 4 percent for income between $0-$7,500
- 5.84 percent for income between $7,500-$15,000
- 6.27 percent for income between $15,000-$225,000
- 7.65 percent for income above $225,000
This plan, which is estimated to raise an additional $3.6 billion, is a 21 percent income tax increase.
I haven't been back in Illinois very long but I can't say I'm surprised by this at all. Every morning you wake up in Illinois it seems as if our politicians and representatives have found a new way to tax us.
Coming from Florida, I never had to pay a state income tax because tourism in the state is so prosperous. Needless to say I'm not happy about this at all.