YWCA of Alton and the Illinois Alliance for Retired Americans recognizes the Fair Tax initiative on the November ballot is an important one. All voters can obtain a greater understanding of the proposed changes in state tax structure by participating in an informative virtual event at 2 p.m. Sept. 26.
The event will be broadcast on Zoom. To participate, register at https://forms.gle/HBCNgrYruJNJ1D7h6. Details of how to connect will be emailed to you. Be sure to register early for this event.
Under the current Illinois tax structure, the rate of income taxed for the lowest 20 percent of income earners is double what the top 1 percent of income earners pay. This is unfair for all of us, but has the most negative impact on low-income communities and people of color.
“By calling on the top 3 percent of income earners to pay a higher rate, the Fair Tax will raise an additional $3.4 billion each year, while reducing or having no effect on the amount that 97 percent of Illinoisans pay in taxes,” YWCA of Alton Executive Director Dorothy Hummel said. “The Fair Tax means more money for programs our communities need and a tax cut for working people. The YWCA of Alton is committed to supporting measures to improve social justice. In this spirit, the YWCA of Alton endorses the ballot change to a graduated tax.”
The Illinois Constitution now requires all taxes to be assessed at a flat tax rate. To put the numbers in perspective, people earning $24,000 per year pay the same tax rate, 4.95 percent, as people who make $240,000. This means that taxes take a larger percentage of income from people that make less. For example, people making $2,000 per month have $1,900 left to live on, while people making $20,000 per month will have $19,000 left to live on.
The Fair Tax item on the ballot calls for a change to a graduated income tax. The ballot issue is whether to change the Illinois constitution so to allow a graduated income tax, rather than a flat tax.
For more information, contact YWCA of Alton at (618) 465-7774.
September 18, 2020 at 04:48PM