Illinois Policy Institute: Federal, State Tax Hikes Would Hurt Illinois Families
If Congress fails to act on the expiring Bush-era tax cuts before they sunset at the end of the year, the average middle-income family in the United States would see its federal income tax burden increase by $1,540 in 2011. Illinois families would see a bigger increase: $1,640. On top of this, state officials are eyeing an increase in the state individual income tax rate, writes Kristina Rasmussen of the Illinois Policy Institute:
A combination of the soon-to-expire Bush tax cuts and Illinois Gov. Pat Quinn’s income tax hike plan would take a painful chunk out of the already-stretched family budget. …
Meanwhile, Gov. Quinn’s plan to hike the state income tax rate by 33 percent would take an additional $600 away from that same family. More, if we’re to believe his budget director’s call for a 67 percent increase this coming January.
Do you have an extra $2,240 lying around to give to government – on top of all of the taxes you’re already paying?
To calculate how the expiration of the Bush-era tax cuts would affect your tax burden, visit the Tax Foundation’s interactive calculator at www.mytaxburden.org.
For more information, see the Tax Foundation’s Bush-era tax cuts FAQ.
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