* Good stuff here…
Net out-migration also declined after the income tax was raised in 2017.
Anyway, click here and scroll down to find the link to the full report.
* Meanwhile, the Illinois Farm Bureau has been a major opponent of the proposed graduated income tax. But here’s more from the CTBA…
61,398 farms, or 84.5% of total farms in Illinois, are considered sole proprietor farms. Of the sole proprietor farms, only 64% of those farms realized a profit. The remaining 36% of sole proprietor farms realized a loss and farms that realized losses would not owe taxes, as seen in Figure 3.
For a sole proprietor farm with a profit, the average profit was $94,084 per farm.
In Illinois, about 20% of sole proprietor farms share farm profits and losses among 2 or more households.[ix] This is important because it means that even when an average sole proprietor farm realizes a profit of $94,084, that profit could be shared, and each household would actually realize a profit that is less than the total farm profit.
In order to conservatively estimate how the Fair Tax compares to the current flat tax, we chose to assume that the sole proprietor farms are operating with one owner and profit per farm is not shared among multiple owners.
The average profitable sole proprietor farm would experience about $64 in tax relief and an effective tax rate of 4.88% […]
4,597 farms, or 6.3% of farms in Illinois, are considered small businesses, displayed in Figure 5. This means these 4,597 farms pay individual income taxes on the profits for each individual owner‘s share of said profits. […]
The average profit for a small business farms was $224,926 per farm. […]
The average small business farm with a profit would experience about $65 in tax relief and an effective tax rate of 4.92%
Just 5.5 percent of farms are categorized as corporate farms, and they have an average profit of $287,212 per farm, meaning the average corporate farm would pay $2,843 more in taxes.
Bottom line: The opposition to the graduated income tax among farmers, like the opposition as a whole, is being driven by a small handful of upper-income folks.