Illinois adopted its individual income tax in 1969—more than 50 years after the federal government started to tax wages and 30 years after the typical state. See when each state adopted its individual income tax in this interactive map.
Big changes to four of Illinois’ five retirement systems were to take effect June 1, but they are on hold until the court can rule on their constitutionality. We take a look at how much money Illinois will save—and how much money it will still owe—if the pension overhaul passes constitutional muster.
Illinois is one of the ten most regressive states in the country, according to the nonprofit, nonpartisan Institute on Taxation & Economic Policy. In Illinois, the state’s poorest residents—those in the bottom 20 percent of the income scale—pay almost three times as much of their earnings in taxes as the top one percent do. Illinois’ flat income tax is one of the primary reasons ITEP ranks the state as one of the “Terrible Ten.”
The story of the minimum wage in six graphs. This is the first installment of our weeklong series on the minimum wage.
Gov. Pat Quinn has offered up a new way to pay down the pension debt cities and towns across Illinois have accumulated: increase the share of income tax revenue the state doles out to municipalities.
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