Press Release: A Graduated Rate Income Tax Would Help Reduce After-Tax Income Inequality in Illinois
Release: May 22, 2019
The Center for Tax and Budget Accountability (CTBA) released a report, How a Graduated Rate Income Tax Would Help Reduce After-Tax Income Inequality in Illinois, which shows that the implementation of a graduated rate income tax can reduce the regressivity of Illinois’ state and local tax system while lessening after-tax income inequality, which imposes lower tax rates on lower levels of income and higher rates on higher levels of income,
Cutting Taxes for the Middle Class and Shrinking the Deficit: Moving to a Graduated State Income Tax in Illinois
Release: April 30, 2018
This report makes the case for a graduated rate state income tax in Illinois, and illustrates two possible rate structures that would accomplish each of three major objectives:
Good for Business: How Illinois Can Best Support Small Business
Release: April 7, 2014
Policy leaders across Illinois have identified supporting small businesses and entrepreneurship as key to reviving the state’s sluggish economy. And no wonder, given that over 99 percent of all businesses in Illinois are “small business” as defined by the Small Business Administration. This Report, identifies best practices and policy initiatives decision makers can take to improve the state’s economy and aid small businesses in Illinois.
The Millionaire Migration Myth: Why a Fair, Graduated Rate Income Tax Won’t Drive Away Millionaires
Release: March 28, 2014
Drawing on reports released by Stanford University and the Center on Budget and Policy Priorities, this Issue Brief debunks the myth that if Illinois increased income tax rates on higher incomes there would be a mass exodus of millionaire households out of the state and points out the importance of moving to a fair tax.
Analysis of the FY2014 General Fund Budget
Release: October 1, 2013
The fiscal problems that have historically plagued Illinois are on full display in the FY2014 General Fund budget passedby the Illinois General Assembly. The state’s accumulated deficit remains significant, and in all likelihood will be at least $8 billion by the end of FY2014. Despite increases for some aspects of the General Fund budget, net spending on services will be $173 million less in FY2014 than in FY2013. Meanwhile, as spending on service delivery continues to decline, the annual cost of debt service continues to grow—specifically the debt owed to the state’s five public pension systems.