If you are a resident of Illinois, you are probably aware that the General Assembly passed a 32% state income tax increase and a 38% corporate income tax increase. What you probably don’t know is this legislation also took the first step towards instituting a graduated income tax in the state of Illinois.
I have lived in Illinois my entire life. My business is here in Illinois and it is very likely my children will spend their lives as Illinois residents. Consequently, Illinois' current budget difficulties have me very concerned. I am especially disturbed that the Illinois Senate is currently contemplating a budget fix that would raise the income tax rate to 4.99%.