Illinois House committee to hear progressive tax proposal
The Illinois House Revenue and Finance Committee is scheduled to hear the Senate’s proposed constitutional amendment to change the state’s flat tax to one with higher rates for higher earners. Supporters of the measure say it’s needed to help lower property taxes. Opponents say there needs to be property tax relief before any changes to income taxes.
Illinois House Republicans share budget plans
Illinois House Republicans have come out in support of some measures to increase revenue, but continue to oppose others. Saying the state is bringing in more money now than ever and there’s no need for tax increases, House Minority Leader Jim Durkin said they’ll support things like legalized sports betting, but there’s no need for a bag tax or the progressive income tax. Democrats say the state still needs more revenue.
Republicans say they’ll back tax on managed care organizations
One of the measures House Republicans signaled they’ll support is an assessment on managed care organizations, or MCOs. Gov. J.B. Pritzker proposed the tax, projecting it will bring in hundreds of millions of dollars in new revenue. Health insurance broker David Castillo said health insurance consumers can expect to pay more, but the increased revenue will be matched by federal dollars to help pay backlogged medical bills.