income tax http://wuis.org en Madigan's 'Millionaire's Tax' Passes Legislative Hurdle http://wuis.org/post/madigans-millionaires-tax-passes-legislative-hurdle <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>A tax on millionaires is advancing through the General Assembly ... at the expense of a progressive income tax.</p><p></p><p><span style="line-height: 1.5;">The so-called "Millionaire's Tax" would levy a three percent surcharge on income over a $1 million. House Speaker Michael Madigan says that should raise about a billion dollars, which Illinois would send exclusively to schools.</span></p><p>"My judgment was that it helps education and it calls upon those in the society that are better able to help fund education than others."</p> Thu, 27 Mar 2014 21:43:20 +0000 Hannah Meisel 21789 at http://wuis.org Madigan's 'Millionaire's Tax' Passes Legislative Hurdle Quinn Tax Hike Plan Sets Stage For Governor's Race http://wuis.org/post/quinn-tax-hike-plan-sets-stage-governors-race <p></p> Thu, 27 Mar 2014 05:00:23 +0000 Amanda Vinicky 21716 at http://wuis.org Quinn Tax Hike Plan Sets Stage For Governor's Race Madigan To Call For Tax Vote In Spring Session http://wuis.org/post/madigan-call-tax-vote-spring-session <p>Following an announcement by Governor Pat Quinn in his budget speech Wednesday, Illinois House Speaker Michael Madigan says he plans to call a vote on making the state's tax increase permanent.</p><p>Madigan is chairman of the state Democratic party and has served as speaker for nearly 30 years.</p><p>He made the comments during an interview with Illinois Public Television following Gov. Pat Quinn's budget address in Springfield on Wednesday.</p> Wed, 26 Mar 2014 20:34:44 +0000 Associated Press 21696 at http://wuis.org Madigan To Call For Tax Vote In Spring Session Gov. Quinn Calls For Keeping Higher Income Tax Rate http://wuis.org/post/gov-quinn-calls-keeping-higher-income-tax-rate <p><span style="line-height: 1.5;">Illinois residents would continue paying a 5-percent income tax rate under the much-anticipated budget proposal Governor Pat Quinn presented today.&nbsp;</span></p><p></p><p><span style="line-height: 1.5;">Illinois' income tax rate is supposed to expire in January, midway through the fiscal year.</span></p><p>Gov. Quinn says that would cause "savage cuts" to schools and other critical state services.<br />Instead, Quinn wants to make the higher income tax rate permanent.</p> Wed, 26 Mar 2014 18:45:25 +0000 Amanda Vinicky 21685 at http://wuis.org Gov. Quinn Calls For Keeping Higher Income Tax Rate Ill. Voters Don't Want Tax Increase, Even If It Means Losing Services http://wuis.org/post/ill-voters-dont-want-tax-increase-even-if-it-means-losing-services <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Illinois voters want the temporary income tax increase to rollback in January, as scheduled, even if it means sizable cuts in state spending.</p><p></p><p></p><p><span style="line-height: 1.5;">Just over a quarter of voters surveyed favor making the current income tax rate permanent, while 60 percent oppose it.</span></p><p>The current 5 percent rate will drop at the end of the year unless lawmakers intervene.</p> Mon, 24 Mar 2014 15:23:08 +0000 Amanda Vinicky 21668 at http://wuis.org Ill. Voters Don't Want Tax Increase, Even If It Means Losing Services Big Revenue Drop If Income Tax Rate Falls http://wuis.org/post/big-revenue-drop-if-income-tax-rate-falls <p></p> Wed, 05 Feb 2014 10:04:50 +0000 Brian Mackey 18331 at http://wuis.org Big Revenue Drop If Income Tax Rate Falls Illinois Delays Start Of Tax Filing http://wuis.org/post/illinois-delays-start-tax-filing <p>Illinois revenue officials say residents won't be able to file their 2013 income taxes until the end of January _ a two-week delay. &nbsp;</p> Thu, 16 Jan 2014 14:23:49 +0000 Associated Press 17056 at http://wuis.org Illinois Delays Start Of Tax Filing New Tax Appeals Tribunal Open For Business http://wuis.org/post/new-tax-appeals-tribunal-open-business <p></p><p>An Illinois Independent Tax Tribunal years in the making is up-and-running today. It gives businesses and individuals who have problems with their tax bills a new avenue to get them overturned. Still there are early concerns over who Gov. Pat Quinn has nominated to serve as the tribunal's Chief Administrative Law Judge.</p><p>Say a business doesn't agree with how much the state Department of Revenue says it owes in sales taxes. Before, it had two options: fight the tax bill in court (though that costs time and money) or plead the case to the Department of Revenue.</p> Thu, 02 Jan 2014 12:29:00 +0000 Amanda Vinicky 16123 at http://wuis.org New Tax Appeals Tribunal Open For Business Activists Pushing For Graduated Income Tax http://wuis.org/post/activists-pushing-graduated-income-tax <p>A group of activists are working to end Illinois' flat income tax. They say they've gathered more than 150-thousand signatures so far, and are making their case to Illinois lawmakers.</p><p><span style="line-height: 1.5;">Income in Illinois is taxed at a uniform five percent, whether you're working at a drive-thru window or you're the CEO of a multi-national corporation.</span></p><p>The people pushing what they call a "fair tax" would have wealthy people pay more, while middle- and lower-income people would pay less. That's already how federal income taxes work.</p> Tue, 05 Nov 2013 12:00:00 +0000 Brian Mackey 12360 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays http://wuis.org/post/report-deficit-expected-even-if-tax-hike-stays <p><span style="line-height: 1.5;">&nbsp;&nbsp;</span>Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending.&nbsp;</p><p><span style="line-height: 1.5;">Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.</span></p><p>According to a new report from the University of Illinois' Institute of Government and Public Affairs, that tax money helped balance Illinois' budget this year.</p><p>But economist David Merriman, who directed the project, says that won't last.</p> Tue, 29 Oct 2013 21:30:37 +0000 Amanda Vinicky 11953 at http://wuis.org Report: Deficit Expected Even If Tax Hike Stays