Tax calculator at UnfairIllinois.com shows how much new tax proposal will cost Illinois families
Anyone with at least $22,000 in taxable income would see their total tax bill increase under a progressive tax hike proposal released today by state Sen. Don Harmon (D-Oak Park).
The plan released today by Sen. Harmon at a Statehouse press conference is being billed as a “tax on the rich,” but that is not true. Under Harmon’s plan:
- The typical Illinois family with an income of $70,144 will see a tax increase of $484 under Harmon’s tax hike plan.
- Anyone with taxable income above $22,000 will see their overall state tax bill increase.
“Tax-hikers are trying to fool Illinoisans into supporting another tax increase by calling their pitch a ‘tax on the rich,’ but the reality is middle- and working-class Illinoisans would be hit hard by this proposal,” said Kristina Rasmussen, executive vice president of Illinois Policy Institute. “The progressive tax is a wolf in sheep’s clothing – just another money grab by Springfield politicians.”
Illinois taxpayers can calculate how much the Harmon tax proposal will cost them by using the tax calculator at UnfairIllinois.com.
Harmon’s proposal is the latest in a series of plans to raise taxes on middle- and working-class Illinoisans by changing the way Illinois collects taxes. Currently, all Illinoisans pay the same rate: 5 percent. According to state law, Illinois’ personal income tax rate will lower to 3.75 percent in January 2015. That means 100 percent of Illinoisans will see tax relief in 2015.
But Harmon and government unions want to raise taxes by implementing a progressive tax, in which tax rates will increase as someone’s income increases. Harmon’s is the third progressive tax hike proposal to date, and all three proposals would increase taxes dramatically on working- and middle-class families.
This week Illinois Policy Action launched two TV commercials to fight the progressive tax increase. Commercials are available here:
Tax hike calculator using Harmon’s rates is available here: UnfairIllinois.com
FOR INTERVIEWS: Diana Rickert or Nathaniel Hamilton (312) 607-4977. Experts available for interviews in Chicago and Springfield.