States with a progressive income tax see greater income inequality, and have seen income inequality rise faster than states without a progressive income tax.View Report
The Illinois General Assembly passed a budget, including the largest permanent tax hike in state history, without structural spending reforms. Gov. Bruce Rauner vetoed the plan on Independence Day, and the Senate voted to override the governor’s veto. The package now heads to the House for an override vote.
The Illinois Senate on July 4 approved the House’s budget plan, which Gov. Bruce Rauner has said he will veto.
Each Illinois household would pay an additional $1,125 in taxes each year, on average, under the Senate's tax-hike plan.
Members of the home building industry say Senate Bill 9’s tax on home repairs would fall hardest on Illinois’ middle-class and senior residents.
Senate Bill 9 would apply a 6.25 percent sales tax to laundry, dry cleaning, storage units and parking garages, among other services.
SB 9 is part of the package of bills that make up the Senate “grand bargain,” which would have hiked taxes by $7 billion.
With bipartisan support, members of the Illinois House adopted a resolution opposing the internet streaming tax proposal – which might not even be legal — in the Senate’s “grand bargain.”
A new proposal from state Sen. Toi Hutchinson, D-Chicago Heights, would tax internet streaming services in Illinois, much like the potentially illegal internet streaming tax implemented in Chicago.
In the wake of the “grand bargain” budget plan failure, an Illinois politician has proposed applying the 6.25 percent state sales tax to a broad range of services.
In addition to raising the state’s personal and corporate income taxes back near their all-time highs, senators are proposing taxing businesses on the “privilege” of doing business in Illinois, as well as taxing several services.