Governor Pritzker Launches Fair Tax Calculator for People to See How Fair Tax Will Affect Them
After unveiling his Fair Tax proposal that would provide relief to approximately 97% of taxpayers, Governor Pritzker launched a Fair Tax Calculator to allow Illinois residents to see how the Fair Tax will affect their families.
The fair tax calculator is available at www.illinois.gov/FairTaxCalculator.
“As I have said throughout the campaign, Illinois’ flat tax system is regressive and unfair to the middle class and those striving to reach it,” Gov. J.B. Pritzker. “People like me should pay more and people like you should pay less. Simple. That’s what the fair tax will do.
Users can enter their income, filing status, exemptions, dependents, property tax paid, and K-12 expenses to calculate how fair tax compares to property tax. current lump sum income.
Using this information, the calculator determines how much the total tax bill changes. For 97% of Illinois taxpayers, the amount will decrease. In some cases, the reduction will be nominal; in others, it will translate to several hundred dollars.
In addition to moving from a regressive flat tax to a fair tax, Pritzker’s proposal would increase the property tax credit by 20% and institute a new tax credit of $100 per child.
“As we negotiate this proposal with the General Assembly and ultimately ask the people of Illinois to decide, my administration is committed to being fully transparent and giving residents the tools they need to understand this proposal. . To that end, I am proud to present the Fair Tax Calculator. This calculator will allow every Illinois taxpayer to calculate exactly what Fair Tax will mean for them and their family.