income tax

Millionaire's tax
4:43 pm
Thu March 27, 2014

Madigan's 'Millionaire's Tax' Passes Legislative Hurdle

  A tax on millionaires is advancing through the General Assembly ... at the expense of a progressive income tax.

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.

"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."

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Illinois Budget FY15
12:00 am
Thu March 27, 2014

Quinn Tax Hike Plan Sets Stage For Governor's Race

Gov. Pat Quinn delivers his annual budget address on the House floor Wednesday. In his speech, Quinn called for extending the 2011 income tax hike.
Credit Hannah Meisel/WUIS

  Plenty can, and will, happen before voters go to the polls in November to chose their next governor. But a central theme of the campaign emerged Wednesday, when Gov. Pat Quinn proposed making permanent what was supposed to have been a temporary hike in the state's income tax. His Republican opponent, Bruce Rauner, favors letting the increase lapse. Their competing visions mean a lot is at stake ahead of the upcoming election, as well as for the state's future.

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Statehouse
3:34 pm
Wed March 26, 2014

Madigan To Call For Tax Vote In Spring Session

Mike Madigan
Credit housedem.state.il.us

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.

Madigan is chairman of the state Democratic party and has served as speaker for nearly 30 years.

He made the comments during an interview with Illinois Public Television following Gov. Pat Quinn's budget address in Springfield on Wednesday.

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Budget address
1:45 pm
Wed March 26, 2014

Gov. Quinn Calls For Keeping Higher Income Tax Rate

Illinois residents would continue paying a 5-percent income tax rate under the much-anticipated budget proposal Governor Pat Quinn presented today. 

Illinois' income tax rate is supposed to expire in January, midway through the fiscal year.

Gov. Quinn says that would cause "savage cuts" to schools and other critical state services.
Instead, Quinn wants to make the higher income tax rate permanent.

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Income tax
10:23 am
Mon March 24, 2014

Ill. Voters Don't Want Tax Increase, Even If It Means Losing Services

Credit Brian Mackey/WUIS

  Illinois voters want the temporary income tax increase to rollback in January, as scheduled, even if it means sizable cuts in state spending.

Just over a quarter of voters surveyed favor making the current income tax rate permanent, while 60 percent oppose it.

The current 5 percent rate will drop at the end of the year unless lawmakers intervene.

The public's opposition is still strong — stronger even — when voters are told lowering the tax rate will add billions of dollars to the state budget deficit.

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Statehouse
4:04 am
Wed February 5, 2014

Big Revenue Drop If Income Tax Rate Falls

Rep. John Bradley
Credit housedem.state.il.us

Illinois lawmakers are beginning to confront the huge hole expected in next year's state budget.
The temporary income tax increase of a few years ago is set to roll back at the end of this year. Lawmakers are being told Illinois will have $1.58 billion less to spend next year.

"The budget is going to be one of the, if not the big issue, as it generally is," said Rep. John Bradley (D-Marion).

Bradley is chairman of the House Revenue Committee.

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Statehouse
8:23 am
Thu January 16, 2014

Illinois Delays Start Of Tax Filing

Credit flickr/jmorgan

Illinois revenue officials say residents won't be able to file their 2013 income taxes until the end of January _ a two-week delay.  

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Judges' Qualifications Questionned
6:29 am
Thu January 2, 2014

New Tax Appeals Tribunal Open For Business

Credit Illinois Department of Revenue

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.

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.

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Statehouse
6:00 am
Tue November 5, 2013

Activists Pushing For Graduated Income Tax

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.

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.

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.

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Fiscal Focus
4:30 pm
Tue October 29, 2013

Report: Deficit Expected Even If Tax Hike Stays

Credit flickr/borman18

  Even if Illinois keeps its higher income tax rate, a new report projects the state is headed toward deficit spending. 

Illinois residents are paying a 5-percent tax on their income. It's been that way since 2011.

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.

But economist David Merriman, who directed the project, says that won't last.

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