PEORIA (WEEK) — It is probably the most contentious statewide issue on the ballot this year, the Graduated Income Tax Amendment. With less than seven days until election day, supporters of what they call the "Fair Tax" are working to convince people to vote yes.
Local supporters include a member of the PPS Board of Education, Dan Walther.
"We’re looking forward to this passing because what it’s going to do, it’s going to help both the city of Peoria and the school district in Peoria, and school districts across Illinois," said Walther.
If passed by Illinois voters, the amendment would do away with the state’s flat income tax and introduce brackets, similar to those that are in place for the federal income tax. If passed, the tax rate would increase for those making more than $250,000.
"So what we do know is that 97 percent of Illinoisans are going to benefit from the Fair Tax Amendment, their taxes are going to be cut, or they are going to stay exactly the same, and that’s relief that every single family…needs in this moment," said Graciela Guzmán with the Healthy Illinois campaign.
Opponents of the amendment, like Paolo Hinton, a local salon owner, told 25 News earlier this month that it will hurt business owners at a time when they can least afford it.
"This is the worst time to ever introduce anything like this…it’s going to force business owners to increase prices, cut jobs, hours, and the benefits that we work super hard to get," said Hinton.
She said if this amendment passes, it will be easier to raise taxes going forward.
"It gives Springfield more power to change that, and change it on all brackets at any point, anytime," said Hinton.
However, the proposed amendment does not change how tax increases are passed. The General Assembly already has the authority to change the rate at which incomes are taxed.
October 27, 2020 at 07:39PM