New Income Tax Plan Passes IL House, Moves To Governor’s Desk
The Illinois House passed a new tax amendment today, which now sits on the governor's desk. If it's signed by J.B. Pritzker, some Illinoian's will pay less in income taxes, others will pay more.
State Representative John Cabello doesn't mean more taxes is what Illinois needs. After the vote, he shared this on Facebook.
Should the governor sign the amendment, higher earning Illinois residents will pay substantially more than the current flat rate income tax, 4.95%, according to WTVO.
The new amendment would offer a slight tax reduction to people earning less than $250,000 annually. People earning more than that would see a dramatic income tax increase up to at least 7.75 percent, reaching a cap of 7.95 percent for people earning a million dollars or more per year.