Last week we reported that Illinois Governor Pat Quinn proposed “a 1 percent tax surcharge for education” as part of his new budget plan outlined on March 10, 2010. That would increase the tax rate from 3% to 4% on the individual side, a 33% increase.
This replaces his proposed 50% increase in the Illinois income tax rate from a year ago.
The 33% increase would also apply to most small and mid-sized businesses, since these companies are generally organized as proprietorships, partnerships, LLCs or “S Corporations”. That means the business income is taxed on the owners’ personal returns at the individual tax rate.
There was some uncertainty as to how the 1 percent tax “surcharge” would apply to the current 4.8% corporate rate. We’ve now confirmed that under his proposal, the corporate rate would increase to 5.8%.
Last year’s proposals also included an increase in the personal exemption amount. We’ve also confirmed that the new proposals do not include any increase in the exemption amount.
We’ve updated our Tax Calculator so you can see how the proposed tax increase will affect you.
Here’s the link to our updated Tax Calculator:
http://www.duganlopatka.com/resources/governor-quinn-tax-proposal-calculator
11 Comments »
RSS feed for comments on this post. TrackBack URL
Leave a comment
You must be logged in to post a comment.
guy, its taken me ages to locate some appropriate subject material on this topic
Comment by Delora Bonaparte — January 14, 2011 @ 3:10 pm
Really informative post.Much thanks again. Will read on…
Comment by Lisabeth Towell — January 14, 2011 @ 11:24 pm
If you don
Comment by russian dating service — January 14, 2011 @ 11:44 pm
Great blogger, Thnkx for delivering this great post. I found it informative. Best regards !!
Comment by Betfred Bingo Co UK — January 15, 2011 @ 4:18 am
I was so lucky. I found the best website for my Following a lot of examination, My partner and i found the best Mechanical ride Pa
Comment by jumper Upper Darby — January 15, 2011 @ 4:28 am
It’s really a great and helpful piece of info. I’m glad that you shared this helpful info with us. Please keep us up to date like this. Thanks for sharing.
Comment by watch free movies online no downloads — January 15, 2011 @ 5:33 am
I would recommend to you to visit on a web site, with a great quantity of content articles on a style interesting an individual.
Comment by Howard Smith — January 15, 2011 @ 12:06 pm
Your website is great! This post really caught my eye when I was searching around. Thanks for sharing it.
Comment by Sade Plikerd — January 15, 2011 @ 2:20 pm
Check this out……
[...] that is the end of this article. Here you’ll find some sites that we think you’ll appreciate, just click the links over[...]………
Trackback by website design — July 28, 2011 @ 10:54 pm
You should check this out……
[...] Wonderful story, reckoned we could combine a few unrelated data, nevertheless really worth taking a look, whoa did one learn about Mid East has got more problerms as well [...]………
Trackback by hotel in cologne — July 29, 2011 @ 2:12 am
Our Trackback……
[...]very few websites that happen to be detailed below, from our point of view are undoubtedly well worth checking out[...]………
Trackback by planet fitness — July 30, 2011 @ 3:25 am