Gov. Pritzker and a group of lawmakers announced the introduction of SJRCA 1 (graduated income tax proposed constitutional amendment) in a Tuesday press conference.
Pritzker said his six bracket graduated income tax proposal would only raise taxes on people making more than $250,000 a year, or about three percent of the state’s total taxpayers. The state currently has a flat, 4.95 percent income tax rate.
Opponents of the proposal immediately blasted the amendment.
For those making more than $1 million a year, the top 7.95 percent income tax rate would apply to all of their income, not just the income above that threshold.
A three-fifths majority in the House and Senate would need to pass SJRCA 1 for a graduated income tax question to appear on the November 2020 ballot. If approved by voters, the new rates could go into effect in 2021.
