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Tag Archives: income tax

LAWMAKERS MOVE TO BLOCK TAX CHANGE

Republican senators at the Illinois statehouse are working to block any move to change the state’s method of taxing income. Currently, several measures backed by Democrats at the statehouse would ask voters to change the tax structure to a progressive tax; the state constitution requires income to be taxed at a flat rate. (Illinois News… read more

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PROPOSED PROGRESSIVE TAX CALCULATOR

How much would a progressive tax cost your family? The proposal by Rep. Robert Martwick, D-Chicago, involves tax rates from 4-7.65 percent depending on income. It starts with a 4 percent tax rate for annual income up to $7500. (Illinois Policy)

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CHECK YOUR PAYCHECK

The Illinois Department of Revenue Tuesday announced the state’s new tax rates, put in place by the recently-passed budget, have taken effect and provided HR departments with the information needed to start deducting more from workers’ paychecks. “For most taxpayers, their employers will change withholding amounts based on rate tables provided by the department,” the… read more

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HOUSE OVERRIDES GOV’S VETO, BUDGET IN PLACE

The Illinois House Thursday narrowly voted to override Gov. Bruce Rauner’s veto of a tax hike and spending measure, ending the state’s more than two-year budget impasse. Rauner called the House vote “another step in Illinois’ never-ending tragic trail of tax hikes,” while House Speaker Michael Madigan said state lawmakers “looked beyond partisan differences and… read more

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ILLINOIS HOUSE SPEAKER: RENEW 5% TAX

House Speaker Michael Madigan declared Wednesday that the state income tax rate should be raised back to at least 5%to help balance the state’s out-of-whack finances, as reported by the Chicago Tribune.

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NO TAXES

The number of households that don’t pay federal income taxes is 45.3%, according a revised estimate from the  The Tax Policy Center, a joint effort by the Urban Institute and the Brookings Institution, says  But that figure is still roughly 5 percentage points higher than the center’s 2013 estimate of 40.4%.

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TAX VOTE STILL SHORT

Illinois House Democrats remain “significantly away” from the 60 votes needed to make the temporary income tax increase permanent, House Speaker Michael Madigan said last night. Madigan made the comments following a private meeting between House Democrats and Gov. Pat Quinn in which Quinn renewed his pitch to make the tax hike permanent.  Check out… read more

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