It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
SPRINGFIELD, Ill. (CBS) – Gov. Pat Quinn and the leaders of both houses of the Illinois General Assembly have agreed on raising the state income tax.
If the bill passes, the plan would raise the personal income tax rate from the current 3 percent to 5.25 percent. That’s a 75 percent increase. In real dollars, that would mean if you currently owe $1,000 in taxes, next year you would owe $1,750.
The increase is for four years. After that, the personal income tax would go down to 3.75 percent.
The Democratic leaders in the Illinois General Assembly believe this income tax increase, a corporate tax hike, and a $1-per-pack tax increase on cigarettes would erase the state’s $15 billion budget deficit.
Originally posted by girdermonkey84
hi i am not familliar with the american tax system but i had too look twice! 3%!! thats crazy!! im in britain and i pay 20% im self employed but pretty sure if your on the books it about 22%!! im in shock
hi i am not familliar with the american tax system but i had too look twice! 3%!! thats crazy!! im in britain and i pay 20% im self employed but pretty sure if your on the books it about 22%!! im in shock
Originally posted by whateverpedia
Looks like three decades of "tax cuts, tax cuts, tax cuts" is really starting to pay dividends now, eh?
SPRINGFIELD — Closing out a contentious lame-duck legislative session, Illinois Democrats handed Gov. Quinn a major political victory early Wednesday by voting to raise the state income tax by 66 percent and buy him some financial stability for his first full term in office.
The state Senate voted 30-29 at 1:20 a.m. to send the tax-hike package to the governor about 10 minutes after paramedics carried state Rep. David Miller (D-Lynwood) off the Senate floor on a stretcher.