Illinois House committee OKs progressive income tax plan
SPRINGFIELD, Ill. (AP) - A measure to tax the wealthiest people in Illinois at higher rates is heading to the state House floor for consideration.
The plan by Democratic state Rep. Lou Lang of Skokie was approved in the House Revenue Committee on Tuesday.
The current income tax rate is 3.75 percent. Under the measure most residents would see a slight decrease in what they pay.
The tax rate would be 3.5 percent for joint filers making $200,000 or less and individuals earning $100,000 or less. The rates would increase gradually by income until they reached 9.75 percent for joint filers making more than $1.5 million and individuals earning more than $1 million.
Lang says the measure could generate $1.9 billion.
The Illinois Chamber of Commerce says a progressive income tax would hurt businesses.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.