| 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. | |