Residents will be taxed based on their income and not across the board. Tax brackets will be established; those who make the most money will pay the most taxes and those who make the least, will pay the least.
According to rates negotiated by state lawmakers, those making between $10,000 and $100,000 would be taxed at 4.9%, and the rate would slightly increase to 4.95% for income between $100,001 and $250,000.
Those making between $250,001 and $750,000 will pay between 7.75% and 7.85%, depending on single or joint filing status. Single filers making more than $750,000 or joint filers making more than $1 million will pay a rate of 7.99%.
But not everyone supports the new tax system — bankers, business owners and business organizations say it will hurt job creation and the economy as a result. The Quad Cities Chamber recently surveyed business members on the proposed tax amendment, reporting 82% were opposed.
Paul Rumler, president and CEO of the Quad Cities Chamber, said the graduated tax amendment would increase the tax rate without providing much-needed tax relief to those who need it, and the amendment would put Illinois businesses and communities at a competitive disadvantage.
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September 29, 2020 at 09:38PM