All Press Items

December 10, 2020

The Illinois Allow for Graduated Income Tax Amendment—known to its supporters as the “Fair Tax Amendment”—would have restructured the state’s personal income tax from a flat rate to a graduated system that would have taxed people with greater personal income at a higher rate. If it had passed, the amendment would have garnered an estimated $3 billion dollars more for the state’s yearly budget—no small feat for a state already hampered by a pension debt crisis and a loss of revenue from COVID-19. However, Illinois voters rejected the amendment by a 53-47 percent margin. Now, Illinois must find an alternative way to balance its budget.

Source: The Gate