Hey millionaires, Illinois wants 10 percent of your cash

Ben Yount
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Apr 07, 2014 5:00 AM
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173
Hey millionaires, Illinois wants 10 percent of your cash

SPRINGFIELD, Ill. — Anyone who earns at least 1 million dollars in Illinois could soon be paying nearly 10 percent of it to the state.

Under the proposed progressive income tax from state Sen. Don Harmon, D-Oak Park, anyone making more than $180,000 a year would be taxed at 6.9 percent.

Anyone making more than $1 million would pay an additional three percent for the proposed millionaires’ tax.