House Speaker Michael Madigan hoto BY PATRICK YEAGLE UPDATE: On Thursday afternoon, Madigan announced a plan to tax personal income over $1 million at an extra 3 percent, bringing the effective rate for people earning more than $1 million to 8 percent. Individuals with income under $1 million would continue to pay the current […]
Illinois Chamber of Commerce
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Health insurance reform closer to reality in Illinois
The Illinois Senate could vote next week on implementing a crucial piece of the federal health insurance reforms passed in 2010, but two competing bills could lead the state in opposite directions. The federal Patient Protection and Affordable Care Act of 2010, sometimes called “Obamacare,” calls for each state to set up public health insurance […]
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Time to graduate?
Illinois grapples with another round of difficult budget cuts, some lawmakers want to eliminate the state’s constitutional flat-rate income tax requirement, opening the door for what some experts call a more equitable and lucrative graduated income tax. Illinois currently has a 5 percent individual income tax for all taxpayers, regardless of income. But a pair […]
