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Title

  • Effects of Proposed Tax Increase in Illinois Worsened Business Tax Climate and Higher Taxes for Income Over $18,000

Description

  • A proposed progressive income tax reform bill in Illinois could negatively affect the states economy, according to a new report from the nonpartisan Tax Foundation. The bill would amend the state constitution to allow for a progressive income tax, and the suggested plan includes seven tax brackets as well as a top rate of 9 percent, raising taxes on all income over $18,000. Had the bill and the proposed rates been in place on July 1, 2013, the snapshot date for our 2014 State Business Tax Climate Index, Illinois would have ranked 44th best for business tax climate, rather than 31st.

Originally Deposited as: 173785

Published By:
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Language(s): EN-English

Volume or Year: 2014
Number or Issue: January 15

Date Created: 01-15-2014
Date Last Modified: 01-15-2014

Librarian Remarks:

Access This Publication

1. Effects of Proposed Tax Increase in Illinois (011514IOCIILPolicyInst2.doc).
Document Size: Software: Microsoft Word Version: 97-2003

This is part of a series. It is part of Press releases from the Governor's agencies: 48896