The projections below are based on a 66% increase to the income tax – a hike from 3 to 5 percent – with the standard $2,000 per person deduction. For more information and research on this proposed tax increase see What Governor Quinn's Income Tax Hike Means to You.
How did we calculate the figures? We subtracted the sum of personal exemptions from base income, multiplied by the tax rate. Additional exemptions may apply for individuals 65+ years and the legally blind. Definitions: Income (adjusted gross income (AGI) amount figured on your federal return, plus any additional income that must be added to your AGI); Family Size (number of federally claimed exemptions and any additional exemptions).