Possibility of a Millionaire’s Tax in Illinois

The Illinois’ Democratic primary is heating up with Dan Hynes going against Gov. Pat Quinn. Dan Hynes outlined his proposed tax policy:

Illinois Comptroller Dan Hynes formally announced his candidacy for governor today, proposing to change the state’s income tax from a flat 3 percent tax to a “progressive” tax that would top out at 7.5 percent for millionaires.

This amounts to a 150% increase in income tax for people making over $200,000. Illinois has the lowest top rate of any state with an income tax. If this passes it would mean 27 states would have a lower top rate.