SPRINGFIELD—State Senator Elgie R. Sims (D-Chicago) supported a constitutional amendment that would allow Illinois to implement a fairer income tax.
Illinois has had the same flat tax structure for decades. The Illinois Constitution currently locks in a flat income tax rate. The proposed plan would lower taxes for 97 percent of Illinoisans and only raise rates for those making more than $250,000.
“Right now, the tax burden rests heavily on low-income, working families,” Sims said. “A cashier at a corner store on Cottage Grove and a futures trader at the Chicago Mercantile Exchange pay the same percentage on their incomes. We have to change that. It has long been time for millionaires and billionaires to pay their fair share.”
Sims has been an advocate for a fair tax for years, acting as a chief co-sponsor of similar legislation while he served in the House. The current flat tax system contributes to the deficit by preventing the revenue growth needed to invest in crucial services, he said.
“A fair tax will provide a sense of stability in Illinois that has not been felt in years,” Sims said. “For far too long the state has careened from crisis to crisis. My district and the people of Illinois deserve a larger investment in education, infrastructure and social services.”
The plan is headed to the House for consideration. If approved there, the constitutional amendment would require voter approval in 2020.
Senate Bill 687, a proposed rate structure also passed the Senate Wednesday.
The Senate Rate Proposal is as follows:
SENATE RATE PROPOSAL |
|||||
Single Filers |
Married / Joint Filers |
||||
Rate |
Income Range |
Rate |
Income Range |
||
4.75% |
$0 - $10,000 |
4.75% |
$0 - $10,000 |
||
4.9% |
$10,000 - $100,000 |
4.9% |
$10,000 - $100,000 |
||
4.95% |
$100,000 - $250,000 |
4.95% |
$100,000 - $250,000 |
||
7.75% |
$250,001 - $350,000 |
7.75% |
$250,001 - $500,000 |
||
7.85% |
$350,001 – $750,000 |
7.85% |
$500,001 - $1,000,000 |
||
7.99% |
Over $750,000* |
7.99% |
Over $1,000,000* |
||
*If over this income threshold, all income is taxed at 7.99% rate |
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Corporate Rate |
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Current Rate 7.0% |
Adjusted Rate 7.99% |
Applies to all corporate income. |
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CHICAGO—A plan at the statehouse would allow the Village of Manteno to do renovations at a public golf course.
The village has been unsuccessful in renovating a golf course club house because a state clause is preventing them from getting a bank loan. State Senator Elgie R. Sims, Jr. (D-Chicago) is working to change that with a proposal that would remove the state’s interest in the property.
“This simple change would greatly benefit the people of Manteno and the village’s bottom line,” Sims said. “Renovations would help the golf course better compete with surrounding courses, which would potentially lead to higher profits for the village.”
The bill would require the Department of Central Management Services to execute and record a release of the reverter clause, which would eliminate the state’s stake in the land.
That clause states the land must be used for a public purpose and not be sold. If Manteno ever did sell the land to a private entity, it would owe the state 25 percent of the proceeds.
“I am grateful to my colleagues in the Senate for their support on this very local issue in the 17th district,” Sims said. “I hope the House will also help us send this plan to the governor’s desk.”
Senate Bill 1597 is set to head to the House for consideration.
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