- Associated Press - Tuesday, April 19, 2016

SPRINGFIELD, Ill. (AP) - A measure asking voters in November to tax Illinois’ wealthiest residents at higher rates is heading to the full House for consideration.

The plan by Democratic state Rep. Lou Lang of Skokie got approval in the House Revenue Committee Tuesday.

The current income tax rate is 3.75 percent. Under the measure most residents would see a slight decrease in what they pay.

The tax rate would be 3.5 percent for joint filers making $200,000 or less and individuals earning $100,000 or less. The rates would increase gradually by income until they reached 9.75 percent for joint filers making more than $1.5 million and individuals earning more than $1 million.

Lang says the measure could generate $1.9 billion.

The Illinois Chamber of Commerce says a progressive income tax would hurt businesses.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide