Pritzker’s graduated income tax gets preliminary Senate OK

News
Pritzker_Budget_Address_30424-159532.jpg53957047

Gov. J.B. Pritzker delivers his first budget address on Wednesday, Feb. 20, 2019 to a joint session of the Illinois House and Senate at the Illinois State Capitol building in Springfield. (E. Jason Wambsgans/Chicago Tribune via AP, Pool)

SPRINGFIELD, Ill. (AP) — Gov. J.B. Pritzker’s graduated income tax plan has received preliminary Senate approval.

The Senate Executive Committee voted 13-6 Wednesday to replace the state’s 4.95 percent flat tax. It’s likely to get a Senate floor vote Wednesday.

Pritzker says wealthier taxpayers would pay more and most would pay the same as they do now or less.

The highest rate has been increased from Pritzker’s original 7.95 percent on income of $1 million or more.

Now the top rate is 7.99 percent for individual filers earning $750,000 or more. Democratic Sen. Toi Hutchinson of Olympia Fields says $1 million remains the threshold for joint filers because of the so-called marriage penalty.

If the Legislature approves, voters would have to endorse the idea as a constitutional amendment in fall 2020.
 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

More Don't Miss