Group Moves Forward With Progressive Tax Proposal



Backers of a plan to change to Illinois' income tax structure say they've collected more than 150,000 signatures from supporters.
 
The (Springfield) State Journal-Register reports (http://bit.ly/1aBWumM) that members of the group A Better Illinois say they hope to keep collecting signatures on their petition through the spring. They want to convince lawmakers to put a constitutional amendment on the 2014 ballot. The amendment would allow the state to adopt a graduated or "progressive" tax.
 
Under a graduated tax, higher earners pay a larger percentage of their income than middle and lower-class taxpayers. It's similar to the federal income tax structure.
 
Illinois' Constitution currently requires a flat income tax. Changing it would require a three-fifths vote in the Legislature and approval by voters.
 
(Copyright 2013 by The Associated Press. All rights reserved.)

Filed Under :  
Topics : Business_Finance
Locations : Illinois
On-Air Now
Local Weather
Archive
  Powered By InterTech Media, LLC