Election Day 2024 Live Results Advisory Question On Illinois Income Tax

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Election Day 2024 live results: Advisory question on Illinois income tax
Election Day 2024 live results: Advisory question on Illinois income tax from

Election Day 2024 live results: Advisory question on Illinois income tax

Illinois voters are deciding whether to enshrine the state’s flat income tax in the state constitution.

Voters in Illinois are considering a ballot measure on Election Day 2024 that would amend the state constitution to enshrine the state’s flat income tax.

The measure, known as the Fair Tax Amendment, would prohibit the state from imposing a graduated income tax, in which higher earners pay a higher tax rate than lower earners.

Illinois is one of nine states with a flat income tax. The state’s current income tax rate is 4.95%. Supporters of the Fair Tax Amendment argue that a flat income tax is fairer than a graduated income tax because it treats all taxpayers equally.

Opponents of the amendment argue that a graduated income tax is more equitable because it requires higher earners to pay a larger share of the tax burden.

They also argue that the amendment would make it more difficult for the state to raise revenue in the future if needed.

The Fair Tax Amendment is one of several measures on the ballot in Illinois on Election Day 2024. Other measures include a proposed constitutional amendment to legalize recreational marijuana and a proposed constitutional amendment to create a graduated income tax.

The results of the Election Day 2024 election will have a significant impact on the future of Illinois’ tax system.

If the Fair Tax Amendment is approved, it will be more difficult for the state to raise revenue in the future if needed.

If the graduated income tax amendment is approved, Illinois will become the 10th state with a graduated income tax.