If you make less than 250 thousand-dollars a year, your tax bill will either go down or stay flat under Governor JB Pritzker’s progressive tax. If you make over a million-dollars a year, your tax bill will go way up. The governor released the specifics on his tax plan yesterday. Pritzker says Illinois needs three billion-dollars, and he can get it by cutting state spending or by raising taxes.
Currently, all Illinois residents are taxed at 4.95 percent, regardless of income level. Pritzker’s proposal is largely reliant on raising taxes significantly on residents making more than $250,000 a year, with those earning $1 million and up taxed at 7.95 percent of their total income.
