Lawmakers and special-interest groups across Illinois are trying to dupe Illinoisans into paying higher income taxes. They’re trying to convince Illinoisans that a progressive income tax hike is only a tax hike on the rich. But that couldn’t be further from the truth.
Need proof? Look at both progressive tax proposals on the table in Illinois.
Under current Illinois law, the individual income tax rate will be 3.75 percent in 2015. Under the progressive tax-hike plan from state Rep. Naomi Jakobsson, D-Champaign, a higher 4 percent rate kicks in on any income of more than $18,000. That income tax rate targets hardworking Illinoisans.
Jakobsson’s progressive tax rates also attack the middle class. Her 5 percent tax rate applies to income earned after $36,000. When an Illinoisan earns more than $58,000, Jakobsson’s tax rates jump to 6 percent, and again to 7 percent on income earned after $95,000 – nearly double the rate Illinoisans will pay in 2015.