CHICAGO SUN-TIMES: Gov. Pritzker unveils proposed graduated income tax rates, Republicans balk
“Illinois families making more than $1 million a year would see their state income tax rate rise three percentage points — a 60 percent increase in the rate — and those earning up to $100,000 a year would see their rate drop a fraction of a percentage point, a dip of 1 percent.
And some of those in the middle — families making more than $250,001 a year — would see the income made past that amount be taxed from the current 4.95 percent levied on all taxpayers to 7.75 percent.
Those were some of the highlights of Gov. J.B. Pritzker’s long awaited proposal for a graduated income tax, which he argues will make the tax structure more ‘fair,’ but Republicans are denouncing as a job killer.
After more than a year of dodging specifics on the campaign trail, Pritzker on Thursday unveiled the proposed tax rates, which he’s touted as an essential fix for the state’s dire finances. And he noted that he, as a billionaire, would be paying 3 percent more in income taxes…
Republicans and business groups balked at the proposed changes, saying it’s another way of punishing families and businesses. And many criticized the emphasis on bringing in revenue, instead of reducing spending and finding ways to grow the economy…
‘We can’t trust Springfield politicians — the same people who in the last eight years have raised taxes twice — with a blank check,’ Baise said. ‘Today’s proposal is just a massive jobs tax on Illinois families and will destroy the Illinois economy and further accelerate people fleeing the state.’”