For single filers, the rate is 7.75% for income of $250,001 to $350,000, and the rate is 7.85% for income of $350,001 and $750,000. For joint filers, the rate is 7.75% for income of $250,001 to $500,000, and the rate is 7.85% for income of $500,001 to $1 million.
The top rate is 7.99% for single filers making more than $750,000 and joint filers making more than $1 million.
The corporate rate would increase from the current 7% to 7.99% regardless of income.
One thing to remember is that the rates apply to those different levels of income, except for the highest earners. Thus, even for someone who makes $100,000 a year, the first $10,000 of income is taxed at 4.75%.
For individuals who make more than $750,000 a year and joint filers who make more than $1 million a year, the entire amount of their income is taxed at 7.99%.
Will I pay more under this amendment?
Pritzker and other proponents of the graduated tax have said that 97% of Illinois income tax payers will pay the same as or less…