Governor Pritzker is making good on his promise to protect working families and make our system more fair. With a fair tax, 97% of taxpayers will see some tax relief.
Voters will be asked to vote on the following statement:
The proposed amendment grants the State authority to impose higher income tax rates on higher income levels, which is how the federal government and a majority of other states do it. The amendment would remove the portion of the Revenue Article of the Illinois Constitution that is sometimes referred to as the “flat tax,” that requires all taxes on income to be at the same rate. The amendment does not itself change tax rates. It gives the State the ability to impose higher tax rates on those with higher income levels and lower income tax rates on those with middle or lower income levels. You are asked to decide whether the proposed amendment should become a part of the Illinois Constitution.
By changing the Illinois Constitution, the State will be able to institute fair tax rates that give many Illinoisans, especially those that make under $100k/yr a break. If fact, those making above $100k-$250k will see no change. This proposed amendment grant the state authority to impose those higher rates on higher income levels. Below is a breakdown of proposed rates:
- $0 – $10,000 – 4.75%
- $10,001 – $100,000 – 4.90%
- $100,001 – $250,000 – 4.95%
- $250,001 – $500,000 – 7.85%
- $500,001 – $1,000,000 – 7.95%
The current Illinois tax rate, if not amended, is 4.95% on all income levels.