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October 24, 2014, 5:18 am
970 WMAY News

Lawmaker Proposes New Progressive Tax Rates


A state lawmaker has laid out an initial proposal for what a progressive tax structure might look like. 

 

Senator Don Harmon’s plan would drop the current 5% tax rate to 2.9% for people making less than $12,500.  From there to $180,000, the rate would be 4.9%... and would go up to 6.9% for those making more than $180,000. 

 

Harmon says 94% of Illinoisans would get a tax cut from current rates… although for most people those rates are higher than they would be if the temporary income tax hike expires.

 

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