Monday, June 15, 2009

How Much Will It Cost Me?

Here’s an idea of what the tax increase will cost you:

If you made $50,000 last year in income you will pay approximately $375/year more in State income tax based on the effective rate with a 1% increase, after the federal income tax deduction. With a $1.5% increase in the Illinois personal income tax rate, you would pay an additional $563/year.

It’s a small price to pay to avoid stopping services to hundreds of thousands of people in the state who need them. And it’s a small price to pay when the alternative is to lay off over 100,000 workers who care for these individuals. The combination of unmet needs and less payroll tax going into the system will put this state in even worse condition than it already is in.

Demand pension reform and support a tax increase.

1 comment:

  1. As an employee of a social service agency that serves citizens with developmental disabilities and mental illness, I want to thank you for your support of the absolutely critical income tax increase. While no one is eager to pay more taxes, citizens like myself throughout the state are deeply concerned and alarmed about the potential cuts in social services now looming before us.

    I am writing to thank you for your support of a tax increase and urge you to work to restore these proposed cuts. We cannot balance our budget or ease our financial woes on the backs of those who are most vulnerable and most in need. Please let other legislators know that many are willing to pay our fair share to make certain that the people of Illinois do not abandon our social and moral responsibilities.