What Does The Illinois Tax Increase Mean For Elgin Residents?

by Craig on January 13, 2011

Yesterday, in the wee hours of the morning while most Elginites slept, your state legislators were hard at work—raising your taxes.

The personal income tax rate went from a flat 3% to 5% tax on every taxpayer. This means that a family making $100,000/year will now pay just under $2,000 more per year in taxes to the state.

Additionally, business owners who have with operations structured as corporations will see their Illinois tax rate jump from 4.8% to 7%.

While Elgin residents don’t seem to be happy with the tax increase, some might be glad to know that Elgin’s representatives voted against the bill.

What are your thoughts?

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