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originally posted by: Extorris
a reply to: carewemust
The current flat tax rate in Illinois is 4.95 percent.
Rates under Pritzker's plan would go down to 4.75 percent for the first $10,000 and 4.9 percent for income between $10,000 to $100,000. (Tax decrease)
* The average income in Illinois is 69K
The rate will stay at 4.95 percent for incomes of $100,000 to $250,000, (No change)
7.75 percent for income between $250,000 and $500,000. (2.8% Increase)
* This represents less than 2% of the population, which means 98%+ of the population will see no a DECREASE or no change in their taxes.
7.85 percent for income between $500,000 and $1 million (2.9% increase)
7.95 percent for earners over 1 million. (3% increase)