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Generating New Revenue, Improving Tax Fairness: A Policy Strategy for Income Tax Reform in Illinois

This issue brief proposes a policy strategy for fiscal reform that links a higher individual income tax rate to a reform package with three components: a higher personal exemption, which would benefit all households and would make the state income tax structure more progressive; a more generous state earned income tax credit targeted at the working poor; and a child tax credit to provide additional relief for both low-income and middle-income families. The issue brief outlines three alternative tax reform plans and presents estimates of changes in tax liability for families at different income levels, as well as estimates of new state revenue that would be generated under each plan. Download and read report

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