Bloomberg: Stimulus Strategizing as Election Nears

Flat Tax Pitfalls: Illinois’ flat income tax perpetuates inequities that force minority communities to pay a large chunk of their earnings to the state, while permitting upper-income taxpayers to retain their wealth, according to a study by the Institute on Taxation and Economic Policy.

Yesterday’s analysis comes two months before voters will decide whether the state should replace the state’s 4.95% flat income tax with a graduated system proposed by Gov. J.B. Pritzker (D). Dubbed the Fair Tax, the system comprises six brackets ranging between 4.75% and 7.99%. Read more