This study examines the proposed state constitutional amendment that would change the Illinois state income tax from a flat tax to a graduated income tax. Passage of the constitutional amendment would allow the enactment of Illinois Senate Bill 687, which would raise personal and corporate income tax rates. The highest personal income tax rate would rise by more than 60 percent, from 4.95 percent to 7.99 percent. This would be one of the largest tax increases on small and large businesses imposed in any state in at least the past two decades.
Share on facebook
Share on twitter
Share on linkedin
Share on email
Will the Last Taxpayer in Illinois Please Turn Out the Lights: An Economic Assessment of the Illinois ‘Fair Tax’
SUBSCRIBE TO THE
Unleash Prosperity Hotline
Unleash Prosperity Hotline