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Gov. Pritzker's Graduated Income Tax Plan & the Teacher Salary Bill - ALR 101-08
Manage episode 403105112 series 3138976
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This week, the governor revealed a plan that would slightly lower the income tax rate for households making under $100,000 and keeps in place the current 4.95% income tax rate for households making between $100,000 and $250,000. The plan is estimated to provide a savings for 97% of tax payers and raise additional revenues of $3.4 billion per year. While the projected revenues would be a significant increase, to put it in perspective, earlier this year the Illinois State Board Education (ISBE) proposed an education budget increase of $7.2 billion to adequately fund all schools. For a more detailed breakdown, you can find Governor Pritzker’s plan here.
Senate Bill 10 (Manar, D-Bunker Hill) was advanced to 3rd Reading in the Senate earlier this week. Across the rotunda, a House committee approved the same minimum teacher salary language in HB 2078 (Stuart, D-Collinsville). With bills moving in both chambers, it is important for school board members and administrators to reach out to General Assembly members to urge opposition. For additional information on minimum teacher salary language, click here.
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