Pritzker unconcerned with tax-study's lower revenue estimate
SPRINGFIELD, Ill. -- Gov. J.B. Pritzker's administration is pleased with the findings of a peer-reviewed study of a graduated income tax despite its conclusion that it would raise less revenue than the Democrat predicts.
The study released Monday by the Illinois Economic Policy Institute and the Project for Middle Class Renewal reviewed various scenarios for a system requiring the wealthy to pay more. Illinois has a 4.95% flat rate.
Researchers determined that Pritzker's proposal would raise $3.1 billion more annually. Pritzker estimates $3.4 billion .
Pritzker spokeswoman Emily Bittner says the administration used more recent tax data not available at the time the study began.
She says researchers based revenue on 2018 incomes. A tax-plan change would require voter approval in 2020 at the earliest. Pritzker's assumption draws on expected higher incomes in 2021.