CHICAGO TRIBUNE: Gov. J.B. Pritzker unveils graduated state income tax plan
“Currently, all Illinois residents are taxed at 4.95 percent, regardless of income level. Pritzker’s proposal is largely reliant on raising taxes significantly on residents making more than $250,000 a year, with those earning $1 million and up taxed at 7.95 percent of their total income…
But the graduated tax concept has been widely rejected by the business community and Republican lawmakers, with both groups reiterating their opposition Thursday.
‘Today’s massive tax hike proposal will further harm the state’s manufacturing sector, which has already lost more than 300,000 jobs since the turn of the century,’ Mark Denzler, president and CEO of the Illinois Manufacturers’ Association, said in a statement. ‘Taxing and spending are not the answer to our daunting challenges.’..
The governor’s proposal would give Illinois the second-highest top marginal tax rate among its neighboring states.”