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•Effects of Proposed Tax Increase in Illinois Worsened Business Tax Climate and Higher Taxes for Income Over $18,000 (1)
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Title:  

Effects of Proposed Tax Increase in Illinois Worsened Business Tax Climate and Higher Taxes for Income Over $18,000

 
 Volume/Number:  2014 January 15 
 Issuing Agency:   
 Description:  A proposed progressive income tax reform bill in Illinois could negatively affect the states economy, according to a new report from the nonpartisan Tax Foundation. The bill would amend the state constitution to allow for a progressive income tax, and the suggested plan includes seven tax brackets as well as a top rate of 9 percent, raising taxes on all income over $18,000. Had the bill and the proposed rates been in place on July 1, 2013, the snapshot date for our 2014 State Business Tax Climate Index, Illinois would have ranked 44th best for business tax climate, rather than 31st. 
 Date Created:  01-15-2014 
 Agency ID:  45**14 
 ISL ID:  000000052573   Original UID: 173784 FIRST WORD: Effects