About The "Fair Tax For Illinois": How Much Will It Cost Your Family?

https://moneymaven.io/mishtalk/economics/about-the-fair-tax-for-illinois-how-much-will-it-cost-your-family-JP5xjwkj_E2Wn7RuJkHXIw/

Key Findings

• Under the proposal, corporate income would be taxed at 10.45 percent, the third-highest rate in the nation, while pass-through business income would be taxed at a top rate of 9.45 percent, the fourth highest such rate nationwide.
  
• The proposal diverges sharply from ideal—or even typical—income tax structure. It omits inflation indexing (resulting in “bracket creep”), creates a marriage penalty, and includes a recapture provision which subjects the entirety of a taxpayer’s income to the top marginal rate once they reach that bracket.
  
• The neighboring states of Indiana, Iowa, Kentucky, and Missouri have all cut income taxes in recent years, while Illinois may be headed in the opposite direction.
  
• The governor’s proposed tax rates are merely notional; should voters permit a graduated-rate income tax, there are compelling reasons to believe that rates may climb even higher, and that more taxpayers would be subjected to higher rates.
  
• Were the proposal implemented, Illinois is projected to decline from 36th to 48th on the State Business Tax Climate Index, which measures tax structure.
   

When Libtards come at you with " Fair " and or " Commonsense " you know right there and then its pure BS.