Illinois General Assembly Weighs Millionaire’s Tax

The millionaire’s tax is yet another push for a graduated income tax that will drive more people and small businesses out of the state. As of today, over 22,000 Illinois small businesses could see their taxes skyrocket, and many may be forced to shut their doors. But the tax is not indexed for inflation, meaning more and more small businesses will be lumped into this group. Today the tax could be for $1 million, but tomorrow, it could be far less.