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January 12, 2011 (CHICAGO) (WLS) — The income tax increase in Illinois is retroactive to January 1. But taxpayers won’t see a change in their paychecks until the end of the month.
The new state income tax increases taxes from 3 to 5 percent.
For those with an annual income of $35,000, the taxes go from $1,050 to $1,750. For those earning $75,000 a year, the taxes were $2,250 and will be $3,750. And for a $250,000 yearly income, the taxes went from $7,500 to $12,500.
via Ill. residents react to massive tax hike | abc7chicago.com.
The state has raised income taxes from 3 to 5 percent and the state residents and businesses will pay more but many of the taxpayers and owner’s are not agree or happy with income tax raised.Maria Whelan has been running Illinois Action for Children for the better part of her adult life.This is really good and Illinois successfully raised income tax.
The state increases income tax and it is a hard hit to tax payers.The increase in tax will go to good spending for the state.But the tax payers are unhappy as it is a massive increase in some slabs of income tax.Increase is in the range of 3 to 5 percent and it is a shock to the tax payers