The Republican tax bill that the House and Senate are set to pass as soon as Tuesday night would give most Americans a tax cut next year, according to a new analysis. However, it would by far benefit the richest Americans the most. Meanwhile, many lower- and middle-class Americans would have higher taxes a decade from how...unless a future Congress extends the cuts.
On Friday evening, congressional Republicans released the final version of their tax overhaul plan. Below are two charts showing how individual filers could be affected if this bill is passed and signed into law.
With the dysfunction in Illinois politics, state government this year is projected to spend as much as $13 billion more than it will collect in taxes. And the situation could be getting worse.
Despite recent hype over the possibility of legislators putting questions on the November ballot to change the constitution, the Illinois House adjourned Wednesday without even voting on proposed amendments. Their lack of action means voters won't be asked whether they want to change how they're taxed.
Illinois is one of only eight states with a flat income tax. The reasons can be traced to the state’s first-ever successful attempt at putting an income tax in place. An effort to change the current tax structure is underway, but supporters face a fast-approaching deadline.
