SPRINGFIELD, Ill. – In an effort to provide tax relief to working and middle-class families, state Rep. Marty Moylan, D-Des Plaines, backed an initiative to reform the state’s income tax rates that was signed by the governor this week.
“Our current state income tax system is broken,” said Moylan. “The regressive flat tax was only benefiting the ultra-wealthy while shifting the tax burden onto working and middle class families. The new tax rates signed by the governor yesterday, if approved, would benefit over 97% of the taxpayers in my district.”
The Moylan-backed Senate Bill 687 would ensure that the wealthiest would pay their fair share in income taxes, while 97% of taxpayers in the 55th district would see no difference or pay less yearly. The rates passed by the General Assembly include graduated tax brackets similar to the federal government’s tax structure. Under the new rates, a typical household filing jointly will see the first $10,000 of their income taxed at 4.7%, followed by a 4.90% rate for incomes between $10,000 and $100,000. Income between $100,000 and $250,000 would be taxed at 4.95% – the current flat tax rate. After $250,000, income taxes will rise to 7.75%. Those who make over half a million will see a rate of 7.85%. Net income for an earner who makes over a million will be taxed at 7.99%.
Moylan also backed Senate Joint Resolution Constitutional Amendment 1, the Fair Tax amendment, which gives the taxpayers the choice to reform Illinois’ income tax system from the currently regressive flat tax to a fairer taxing plan, which under the rates signed earlier today by the governor, will provide tax relief to working and middle-class families while asking millionaires and billionaires to pay their fair share.
“We can finally provide some real tax relief to hardworking individuals and middle class families in the state of Illinois,” said Moylan. “Under the proposed rates, 97% of the people in my district can save money.”
Visit Rep Moylan’s website
292-S Stratton Office Building
Springfield, IL 62706
24 S. Des Plaines River Rd.
Des Plaines, IL 60016
(847) 635-8565 FAX