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 the most recent progressive tax hike proposal.
Under Illinois law, the individual income tax rate will be 3.75 percent in 2015. Under the progressive tax-hike plan introduced by state Senator Don Harmon – and endorsed by A Better Illinois – a higher 4.9 percent applies to income earned after $12,500.
Under Harmon’s proposal, anyone with a taxable income of more than $22,000 will see their overall state tax bill increase. That plan targets Illinois’ working- and middle-class residents.
It’s no surprise that Harmon’s progressive tax-hike proposal targets the middle class – it’s how progressive income taxes work. That’s where a lot of the money is.
Just look at where the top progressive tax rates, which are supposed to “make the rich pay their fair share,” start in other states.
So don’t be fooled when lawmakers say a progressive income tax is only a tax on the rich. The proposed rates in Illinois make it clear that lawmakers are gearing up to raise tax rates on Illinois’ working- and middle-class residents.