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July 30, 2014, 10:21 pm
970 WMAY News

Progressive Income Tax Proposal Introduced


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.

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