|The typical Illinois family would see a tax hike of $269 under this rate structure. These rates would cost Illinois’ economy $14 billion in forgone economic activity and more than 53,000 jobs that will never be created for job seekers.
Meanwhile, in order to fully implement Pritzker’s promised spending of paying down bills, funding a capital plan, investing in K-12 and higher education and pursuing projects in his 2020 budget, the state needs as much as $19 billion in additional revenue.
To raise that much revenue, progressive income tax rates would have to start even higher. Illinoisans earning less than $10,000 would see rates beginning as high as 9.68 percent, while Illinoisans making more than $1 million could see rates skyrocket to 16.2 percent, the highest rates for top earners in the nation.