Family budgets are on the line. The average Illinois household faces an increase of nearly $1,500 in its state income tax bill. A head cook and an office worker with two kids, earning a combined $80,000, will pay an additional $1,527 in state income taxes thanks to the tax hike – on top of the $2,160...
The Problem Illinois families should be wary of plans to hike taxes at the state level that would all but wipe out the benefits of the bipartisan tax compromise between President Barack Obama and Congressional Republicans. In federal legislation that extended the Bush-era tax cuts, and also included a payroll tax cut, a four-member family...
by Collin Hitt Illinois lawmakers are considering raising the state income tax. Different plans have emerged, but each would damage Illinoiss economic recovery. The plan that has been discussed the longest is one that would raise Illinoiss individual income tax from three to four percent, a 33 percent increase. More recent tax plans have emerged that...
In one of my first media appearances following the tax increases, I noted that the Institute would immediately begin to work on repealing them. Some have wondered if this makes any sense ... Here are some reasons why it does.