An Illinois lawmaker has introduced a formal proposal for a graduated income tax.
Senator Don Harmon’s plan would drop the state income tax rate to 2.9% for residents making under $12,500. People making between $12,500 and $180,000 would pay 4.9%, while anyone making more than $180,000 would pay 6.9%.
Harmon says 94% of taxpayers would see a reduction in taxes from current rates.
However, the current 5% tax rate for all individuals is scheduled to drop to 3.75% in January.