NIU Professor Suggests State Graduated Income Tax Wouldn’t Have Significant Effect On Many Residents

A Northern Illinois University professor says a graduated income tax wouldn’t have much of an effect on many Illinois residents. 

Dr. Kurt Thurmaier is the chair of NIU’s Department of Public Administration. He says most people would pay a rate of around 4.9% of their net income.

“If you have that much money left over, you have $60,000 left over, you’re good. You have the same tax. There’s no change. But if you have the same equivalent of four to six households after all your expenses, you’re going to pay higher tax.”

At that level, the rate would be about 7 ¾ %, and slightly higher for those with even more money. 

Thurmaier says under this system, a higher absolute amount of money paid by the rich is meant to shrink the gap in tax burden between them and low-income earners.

A graduated income tax measure is currently up for a vote in the 2020 state election.

via WNIJ and WNIU

October 26, 2020 at 06:53AM

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