llinois Senate set to vote on graduated income tax plan
The plan to replace the state’s 4.95 percent flat tax with a graduated system that puts a heavier burden on more affluent residents could be called in the Senate Wednesday.
A committee approved the measure Tuesday on a 13-6 partisan roll call vote.
The Democratic governor says 97% of taxpayers would see no tax increases . The plan would need voter approval in November 2020 if it’s approved by extraordinary legislative majorities.
Olympia Fields Democratic state Sen. Toi Hutchinson’s measure has a higher top rate than originally planned. It would be 7.99 percent for individual taxpayers making $750,000 or more. That rate would hit joint filers at $1 million to offset the so-called marriage penalty.