Progressive Tax - Constitutional Amendment
Hear from Todd Miaisch, Executive Director of the Illinois Chamber of Commerce as he presents on the Progressive Tax- Constitutional Amendment.
In May 2019, the legislature approved a ballot referendum question calling for a constitutional amendment to change Illinois’ constitution from a flat income tax to a progressive income tax. As a result, voters will be asked in the upcoming 2020 election whether Illinois should amend the constitution to move from a flat tax income to a progressive income tax.
The amendment also repeals a critical taxpayer protection: the constitutional ban of more than a single tax on income. Future general assemblies will be allowed to tax the same dollar of income over and over.
Although the ballot question does not contain the new tax brackets, a separate piece of legislation establishing the rates under a progressive income tax system was approved by both Houses in the General Assembly and signed by the governor. Under the proposal, corporate income would be taxed at flat rate of 10.49%, the third-highest rate in the nation, while the highest bracket for pass-through business income would be taxed at 9.49%, the fourth highest in the nation. These rates will only go into effect if the voters approve the ballot referendum question.
In May 2019, the legislature approved a ballot referendum question calling for a constitutional amendment to change Illinois’ constitution from a flat income tax to a progressive income tax. As a result, voters will be asked in the upcoming 2020 election whether Illinois should amend the constitution to move from a flat tax income to a progressive income tax.
The amendment also repeals a critical taxpayer protection: the constitutional ban of more than a single tax on income. Future general assemblies will be allowed to tax the same dollar of income over and over.
Although the ballot question does not contain the new tax brackets, a separate piece of legislation establishing the rates under a progressive income tax system was approved by both Houses in the General Assembly and signed by the governor. Under the proposal, corporate income would be taxed at flat rate of 10.49%, the third-highest rate in the nation, while the highest bracket for pass-through business income would be taxed at 9.49%, the fourth highest in the nation. These rates will only go into effect if the voters approve the ballot referendum question.
Date and Time
Tuesday Oct 6, 2020
9:00 AM - 10:00 AM CDT
Location
This meeting will be held virtually via Zoom and participants will be emailed the link within 24 hours of the event's start time.
Printed courtesy of www.alchamber.com – Contact the Algonquin/Lake in the Hills Chamber of Commerce for more information.
2200 Harnish Dr., Algonquin, IL 60102 – (847) 658-5300 – info@ALChamber.com