12/24/2023 0 Comments Flat tax illinoisThe current income tax rate for individuals in Illinois is 4.95 percent, while the rate for corporations is seven percent. With the Illinois general election less than fifty days away, however, the ‘Vote Yes for Fairness’ campaign has bolstered its attempts at garnering voters’ approval of the proposed amendment.Ĭurrently, the Illinois state constitution mandates that income tax be collected at one, flat rate across all income brackets for both individuals and corporations, trusts, and estates. Pritzker made the adoption of a progressive income tax a centerpiece of his policy agenda in a budget address back in February 2019, and it was geared up to be a focus of election-season debates before the COVID-19 pandemic took precedence. The proposed amendment would change the state’s current state income system from a flat tax to a graduated income tax. The commercial encourages Illinois voters to “Vote Yes for Fairness” at the polls this November by voting their approval of an amendment to the 1970 Illinois Constitution. If you live in Illinois, you have likely seen in the past couple of days this vibrant blue commercial at least once or twice. Loyola University of Chicago School of Law, JD 2022
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