Watchdog group: Tax cuts will hurt small business
SPRINGFIELD – A progressive tax watchdog group is releasing a new report that says rolling back Illinois' temporary income tax increase as scheduled would hurt small businesses.
The Chicago-based Center for Tax and Budget Accountability says letting rates begin to drop in January 2015 won't translate into business growth.
The group is advocating for changing the state's tax structure by moving from a "flat" tax where everyone pays the same rate to a graduated tax where those who earn higher incomes are taxed more.
Democratic state Sen. Don Harmon of Oak Park and state Rep. Christian Mitchell of Chicago are sponsoring proposals that would amend the state's constitution to institute a graduated tax.
The proposals need three-fifths majority approval in both chambers to appear on the November ballot.