"The proposal on the ballot would replace the existing single 4.95 percent rate with a six-bracket progressive income tax. Gov.J.B. Pritzker's plan would raise taxes on income over $250,000 to 7.75 percent, income over $500,000 to 7.85 percent, and income over $1 million to 7.95 percent.
...The simple, flat personal income tax of 4.95 percent has remained a rare bright spot of Illinois' tax code.
...Another concern is that high-income earners will respond by leaving the state, a phenomenon known as tax flight.
...And it would be a mistake to focus on millionaire out-migration alone.
The personal income tax isn't just paid by rich individuals—it's also a tax on businesses whose profits are passed through to their owners' individual tax returns.
Pass-through businesses employ over 57 percent of private sector workers in Illinois..."
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