The non-partisan Tax Foundation, Washington D.C., this morning announced this year’s Tax Freedom Day for the nation as a whole, and for individual states. Tax Freedom Day is the day when Americans will finally have earned enough money to pay off their total tax bill for the year.
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CHICAGO—The Acting Director of the Illinois State Police, Jonathon Monken, has stated that without a 33% increase in state personal income taxes, he will lay off more than 460 state troopers and close five regional headquarters.
National Taxpayers United of Illinois (NTUI) applauds this plan.
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The Illinois corporate income tax rate is not 4.8% as some politicians and media writers have erroneously reported, but actually 7.3%. While the base rate is 4.8%, a constitutional amendment passed in 1980 added another 2.5%. This additional tax was named the “personal property replacement tax,” but no matter what they call it, it’s still a corporate income tax.
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