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The House Revenue and Finance Committee voted late Wednesday afternoon to back a resolution sponsored by Speaker Michael Madigan calling for Illinois to switch away from its flat rate income tax and replace it with a “fair and progressive income tax.”
The resolution says the Legislature supports a progressive income tax that “must reduce taxes on low and middle income families while raising taxes on the wealthiest Illinoisans.”
The committee heard testimony from numerous groups supporting the switch to a graduated income tax, both on the grounds it would be more fair and that it would be more efficient in generating revenue for the state in a time of the rich getting richer.
Among those testifying was Robert Otter of the left-leaning Center for Tax and Budget Accountability, which released a report this week saying Illinois could cut income taxes for 98 percent of taxpayers — and still generate $2 billion more in tax revenue than it does now.
The organization said this could be accomplished with a graduated tax that imposed higher rates on individuals with taxable incomes greater than $300,000.