Illinois taxpayers to keep more money on paychecks in 2015

SPRINGFIELD - Illinois taxpayers can expect a slight increase in the amount of cash they receive in their paychecks next year.

The increase is being caused by the state's income tax rate dropping back to 3.75 percent from five percent starting January 1.  Illinois Department of Revenue officials say a family with four members that has an annual income of $50,000 will keep approximately $930 more than what they did in 2014.

However, the rollback also means the state now faces a nearly $3 billion deficit in its budget for this fiscal year.  Governor-elect Bruce Rauner says he's finding that the state's finances are worse than anticipated.  State Representative Barbara Flynn Currie says the state's obligations cannot be met without the revenue generated from the increased state income tax.
Current Conditions
  • Current Events