The Washington, D.C.,-based Tax Foundation is raising the alarm about a proposed graduated income tax for Illinois.
Tax Foundation Vice President of State Projects Joseph Henchman says they don’t often hold press conferences in state capitals about their reports, but …
The report says if Illinois moves to a graduated rate, the state’s business competitiveness would go from the middle of the pack to near the bottom compared to other states.
Voices for Illinois Children’s Emily Miller supports the graduated tax. Miller says the proposal provides tax cuts for 99 percent of Illinoisans while at the same time will bring in $1.9 billion of more revenue.
The Tax Foundation says a graduated tax would remove Illinois’ flat rate, something they say is Illinois’ last saving grace for small business.