SPRINGFIELD, Ill. (WTVO) — A question on the 2020 ballot will determine the future of the state’s income tax.
Governor J.B. Pritzker’s Fair Tax plan would replace the current 4.95% flat rate with a progressive scale that tops out at nearly 8%.
Under the new rates, everyone making less than 250,000 a year would still pay about the current rate. With a graduated structure, Pritzker himself could be subject to up to 1.67 million more in taxes.
He says the new plan hits a small percentage of taxpayers.
“97% of Illinois pay the same or less in income taxes,” Pritzker said. “They will have a vote on raising taxes on just 3% of taxpayers to finally restore stability in our state budget.”
Parents and homeowners can also qualify for extra tax breaks.