Filtered by tag: Remove Filter

A Closer Look at The Proposed Graduated Income Tax

This issue of the Taxpayers' Federation's Tax Facts focuses on the hottest topic in Illinois taxes today: a proposal to amend Illinois’ constitution. Voters this fall will decide whether to authorize a change to Illinois’ 50-year-old flat-rate income tax and permit one imposed instead at graduated rates.

The comparisons of six hypothetical families and their tax liabilities in seven different states, including Illinois before and after the proposed rate changes are fascinating. Even with a significant tax rate increase on the high-income families, Illinois’ was not the highest tax bill. Take a look and see how various Illinois taxpayers will be impacted.

Read More

Illinois School Funding Analysis

Property Tax Reliance Down, but New Demands for State Funds Loom

by Mike Klemens, Presented by Taxpayers' Federation of Illinois

Local property tax contributions to public school funding are 50 percent of the total, according to an Illinois State Board of Education (ISBE) report.  The same report puts state funding at 40 percent, the highest level in 18 years.  A separate – and more widely cited – ISBE report says that property taxes account for 61 percent of school funding while the state’s contribution is at 27 percent.

Read More - Chartbook

Tax Facts: An Illinois Chartbook – The Economy of Illinois

by Maurice Scholten

This issue of Tax Facts updates the Economic Overview chapter of TFI’s publication, Tax Facts: An Illinois Chartbook. As data used to compare Illinois to other states becomes available, we will continue to publish updated chapters. (For example, the February 2020 Tax Facts was an update to Chapter 2, a comparative overview of Illinois’ overall tax structure)

Read More