(WREX)- After campaigning on a new graduated income tax in Illinois, Governor J.B. Pritzker unveiled what that tax overhaul could look like.
Pritzker says the idea behind the tax is to have people who make less money pay a lower income tax rate, while people who make more will pay more.
The proposed income tax would start at 4.75% for those who make less than $10,000, 4.9% for those who make $10,000 to $100,000, 4.95% for those who make $100,000 to $250,000, 7.75% for those who make $250,000 to $500,000, 7.85% for those who make $500,000 to $1,000,000 and 7.95% for those who make over a million.
The state also has a new took called the “Fair Tax Calculator” where you can type in your income and information. Then, it shows you how much you will pay in income taxes if the plan passes.
“This tax calculator will allow every taxpayer in Illinois to calculate exactly what the fair tax will mean for them and their families,” said Gov. Pritzker.