After unveiling his fair tax proposal that would give relief to about 97 percent of taxpayers, Gov. Pritzker launched a Fair Tax Calculator to let Illinoisans see how the fair tax will affect their families.
The Fair Tax Calculator is available at www.illinois.gov/FairTaxCalculator.
“As I said throughout the campaign, Illinois’ flat tax system is regressive and unfair to the middle class and those striving to get there,” said Gov. JB Pritzker on Tuesday. “People like me should pay more and people like you should pay less. Simple. That’s what the fair tax will do.”
Users can input their income, filing status, exemptions, dependents, property tax paid and K-12 expenses to calculate how the fair tax compares to the current flat income tax.
Using that information, the calculator determines how much the total tax bill changes. For 97 percent of Illinois taxpayers, the amount will go down. In some cases the reduction will be nominal; in others, it will result in several hundred dollars.
In addition to shifting from a regressive flat tax to a fair tax, Pritzker’s proposal would increase the property tax credit by 20 percent and institute a new $100 per child tax credit.
“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’m proud to introduce the Fair Tax Calculator. This calculator will allow every taxpayer in Illinois to calculate exactly what the fair tax will mean for them and their family.”