Possibility of a Millionaire’s Tax in Illinois September 2, 2009 Kail Padgitt Kail Padgitt 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. Stay informed on the tax policies impacting you. Subscribe to get insights from our trusted experts delivered straight to your inbox. Subscribe Share Tweet Share Email Topics Illinois Individual Income and Payroll Taxes Tags Millionaires and High Income Earners State Tax and Spending Policy Tax Brackets