Illinois senator details proposed graduated income tax - WREX.com – Rockford’s News Leader

Illinois senator details proposed graduated income tax

Posted:
SPRINGFIELD (WREX) -

Democratic state Senator Don Harmon announced Tuesday the details of a proposed graduated income tax that would have those who earn more pay a larger percentage of income than those with lower income.

Harmon's proposal came a day before Governor Pat Quinn's scheduled budget address. Some lawmakers are concerned with the scheduled expiration of the state's temporary income tax increase, which would lead to a loss of $1.6 billion in revenue. If the increase is allowed to expire, the individual rate would go from five to 3.75 percent in January.

Harmon's plan would put a 2.9 percent tax rate on the first $12,500 of a resident's income. After that, income between $12,500 and $180,000 would be taxed at 4.9 percent and income over $180,000 percent would be taxed at 6.9 percent.

Thirty-four states and the federal government use a graduated tax system.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WREX. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Trista Truesdale at (815) 335-7856. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.