2020 Illinois Constitutional Amendment
What is this Tax Amendment?
You may have seen advertisments or gotten flyers in the mail for:
The Vote for Fairness
The Madigan Tax
The Fair Tax
The Blank Check Amendment
Well, all of these names are just trying to change how you view this amendment.
This is what you will actually see on your ballot:
Proposed Amendment to the 1970 Illinois Constitution
Explanation of Amendement
The proposed amendment grants the State authority to impose higher income tax rates on higher income levels, which is how the federal government and a majority of other states do it. The amendment would remove the portion of the Revenue Article of the Illinois Consitution that is sometimes referred to as the "flat tax," that requires all taxes on income to be at the same rate. The amendment does not itself change tax rates. It gives the State the ability to impose higher tax rates on those with higher income levels and lower income tax rates on those with middle or lower income levels. You are asked to decide whether the proposed amendment should become a part of the Illinois Consitution.
And this is what all of that actually means:
The current tax rate in Illinois is 4.95% regardless of income levels. This is known as the "flat tax."
If passed, this amendment will remove the Flat Tax and create brackets with tax rates based on income level. This is known as the "Graduated Income Tax."
Those income-based tax rates are:
Read the bill that sets these tax rates for yourself here: Senate Bill 687
If this passes and you make less than $250,000 per year, your tax rate won't really change. In fact, 97% of Illinois taxpayers would pay the same or less in taxes.
The Secretary of State provided an Informational Flyer with arguments for and against the amendment. You can read that HERE.
Ballotpedia offers an in-depth breakdown of those who are for the amendment, those who are against the amendment, and how much each side has spent. Check that out HERE .