After unveiling his fair tax proposal that gives relief to 97 percent of taxpayers, Gov. JB Pritzker launched a Fair Tax Calculator Tuesday to let Illinoisans see how the fair tax will affect their families.
The Fair Tax Calculator is available at www.illinois.gov/FairTaxCalculator.
“As I said throughout the campaign, Illinois’ flat tax system is regressive and unfair to the middle class and those striving to get there,” Gov. Pritzker said. “People like me should pay more and people like you should pay less. Simple. That’s what the fair tax will do.
In addition to shifting from a regressive flat tax to a fair tax, Governor Pritzker’s proposal would increase the property tax credit by 20 percent and institute a new $100 per child tax credit.
Users can input their income, filing status, exemptions, dependents, property tax paid and K-12 expenses to calculate how the fair tax compares to the current flat income tax.
Using that information, the calculator determines how much the total tax bill changes. For 97 percent of Illinois taxpayers, the amount will go down, according to information released by the Gov. Pritzker’s office. In some cases the reduction will be nominal; in others, it will result in several hundred dollars.