Tax Calculator Updated
Wednesday, May 27, 2009
POSTED BY WONKISH.COM.
With Governor Quinn making some changes to his proposed tax plan to help close the budget deficit, we thought it would be a good idea to update our tax calculator so you can compare how this would affect you.
The biggest change was the reduction of the personal exemption to $3,000 per family member (down from $6,000 per family member), and replacing that with a much larger property tax credit (from a 5% credit back of your annual property tax to 10% of your annual property taxes, capped at $500) and doubling the EITC.
We have our own analysis of who does better in this scenario (hint: High property tax payers), but see for yourself how it will impact your family and others:
(Again, For those of you who can’t play hypotheticals and object to the assumption that more revenue is needed, please make sure to visit the Wonkish.com Budget Tool and share your link here which shows all your cuts).