Illinois Policy Group Proposes Increased Individual, Corporate Income Taxes in 2018 Budget Recommendations

Illinois Policy Group Proposes Increased Individual, Corporate Income Taxes in 2018 Budget Recommendations

Institute for Illinois' Fiscal Sustainability

The Institute for Illinois' Fiscal Sustainability released its fiscal 2018 budget roadmap, recommending increasing the individual income tax rate to 5.25 percent and the corporate income tax rate to 7 percent, expanding the sales tax base and lowering the rate, and broadening the income tax base by eliminating the tax exemption for retirement income, excluding federally tax-exempt income.    

State of Illinois FY2018 Budget Roadmap

The Institute for Illinois' Fiscal Sustainability released its fiscal 2018 budget roadmap, recommending increasing the individual income tax rate to 5.25 percent and the corporate income tax rate to 7 percent, expanding the sales tax base and lowering the rate, and broadening the income tax base by eliminating the tax exemption for retirement income, excluding federally tax-exempt income.

The Institute for Illinois' Fiscal Sustainability released its fiscal 2018 budget roadmap, recommending increasing the individual income tax rate to 5.25 percent and the corporate income tax rate to 7 percent, expanding the sales tax base and lowering the rate, and broadening the income tax base by eliminating the tax exemption for retirement income, excluding federally tax-exempt income.

The Institute for Illinois' Fiscal Sustainability released its fiscal 2018 budget roadmap, recommending increasing the individual income tax rate to 5.25 percent and the corporate income tax rate to 7 percent, expanding the sales tax base and lowering the rate, and broadening the income tax base by eliminating the tax exemption for retirement income, excluding federally tax-exempt income.