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A flat income tax, which taxes all income levels at the same rate, is required by the current Illinois state constitution. [4] Illinois is one of 11 U.S. states with a flat income tax; seven states have no income tax; 32 other states use graduated income taxes, which tax higher incomes at a higher rate. [5]
Numerous states with income taxes have considered measures to abolish those taxes since the Late-2000s recession began, and several states without income taxes have considered measures to institute them, but only one such proposal has been enacted: Michigan replaced its more recent value-added tax with a new corporate income tax in 2009.
Between 2011 and 2014 the Illinois state income tax rate was 5 percent. [61] On January 1, 2015, the tax rate was reduced from 5 percent to 3.75 percent, creating a shortfall in revenue of $2.7 billion starting FY 2015. [62] Madigan has said that he would rather increase income taxes than sales taxes. [63]
To reverse Illinois’ economic doldrums, Halbrook said the state must address high property taxes, lower personal and corporate income taxes, and simplify the state's tax code.
In 2021, the state established the Illinois Property Tax Relief Fund. It’s meant to give annual property tax rebates to some homeowners. But Quinn said the state hasn’t set aside money for it.
In 2023, the state paid its more than 124,000 workers a cumulative salary of more than $6.4 billion, according to data from the Illinois Comptroller's office. Here are the top 10 paid state ...
The Illinois Department of Revenue has increased in size in line with the creation of new taxes within the state and the expansion of existing taxes. A gasoline tax was enacted in Illinois in 1927, the sales tax was enacted in 1933; the state income tax was enacted in 1969, and the first lottery tickets were sold in 1974 in the state capital of ...
The Tax Foundation has released its annual State Tax Competitiveness Index, which compares each state on more than 150 variables in five areas of taxation: corporate taxes, individual income taxes ...