Late Sunday afternoon (July 2nd), the Illinois House passed a massive tax hike for families and businesses. What does that mean for taxpayers? Well, if this proposal isn't vetoed by Gov. Bruce Rauner, the personal income tax rate would increase by 32 percent, surging from 3.75 percent to 4.95 percent, and the corporate rate would jump from 5.25 percent to 7 percent. This would enable and fund business as usual. ("Enable" is the key word here...)
There is often a lot of talk about taxes during the month of April. This year there is also some discussion of how the new Trump Administration might seek to change tax policies.
One of the too often overlooked groups carrying a disproportionately heavy tax burden in America today are married couples. A new study from the Pew Research Center notes that even though marriage has been declining over the past 40 years in the United States, married couples still pay a lop-sided share of income taxes.
The share of married Americans has declined from 69 percent in 1970 to …
We’re all familiar with the old adage that the only two things certain in life are death and taxes. Yet, one major difference between the two is that for death, there are never any increases per capita and everyone has a flat rate. That certainly can’t be said for the taxes, particularly in Illinois.