“A tax on or measured by income shall be at a non-graduated rate. That would replace the current language, which states: In any such tax imposed upon corporations the highest rate shall not exceed the highest rate imposed on individuals by more than a ratio of 8 to 5.” “The General Assembly shall provide by law for the rate or rates of any tax on or measured by income imposed by the State. Specifically, Article 9, Section 3 of the Illinois Constitution would be amended if the ballot question passes. Here’s a look the amendment, the accompanying rate legislation, some of the arguments being made and who is funding the advertising campaigns for and against it. The rates created by that legislation would apply to six tax brackets, ranging from 4.75 percent on income up to $10,000 to 7.99 percent on all income for individual filers making more than $750,000. While the amendment itself does not set any tax rates, legislation already passed by lawmakers and signed by the governor would take effect in January if the amendment passes. Of the 42 states that have an income tax, 32 and Washington, D.C., have a graduated rate structure, while Illinois is one of nine that impose a flat tax. Passage of the amendment would allow lawmakers to apply different tax rates on varying levels of income. Strictly speaking, the amendment removes a provision from the Illinois Constitution that requires any income tax to be levied at a flat rate on any level of income – the current rate is 4.95 percent. 3 will be on the ballot statewide – whether to amend the state’s constitution to allow for a graduated rate income tax. One of the major questions Illinois voters will answer on Nov.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |