'Fair Tax' Amendment Passes Illinois Senate Committee
CHICAGO (CBS)--The Illinois Senate Executive Committee Wednesday voted in favor of an amendment to scrap the flat income tax system in Illinois.
The democrat-backed measure, in part, seeks to replace the current flat tax system with a graduated, or fair, income tax system.
The proposed amendment would need voter approval to move forward, and would appear on the ballot in 2020, according to the Illinois Policy Institute.
Existing Illinois tax laws limit the taxes imposed on corporations based on individual tax income rates.
The amendment, if it passes, would change the taxing system so that individuals would be taxed based on their income levels, with earners who make less paying lower tax rates and higher rates applying to higher income levels.
