Graduated Income Tax: What is it, and how does it affect business? President and CEO of the Naperville Area Chamber of Commerce Kaylin Risvold sits down with Ryan McIntyre, the Head “Duckbill” at Plaidypus, Chair of the Business Works Committee, and Member of the Naperville Area Chamber of Commerce’s Board of Directors, to discuss the proposed Graduated Income Tax on the November ballot, and what it means for businesses.
Taxes can be intimidating for a lot of people and their businesses, and with a new proposed Graduated Income Tax on the way, it can be hard to determine how it will affect your business. “Today, the constitution of Illinois says that you can only have one tax rate, that single tax rate that’s just below five percent,” said McIntyre. “Graduated simply means that there’s tiers, much like we have at the federal level. That’s a proposed constitutional amendment in the state of Illinois, so it’s kind of a big deal,” said McIntyre. “How could that be difficult for businesses?” Risvold asked, and McIntyre elaborated by saying “The amendment change could allow a lot of opportunity for the state to make different rules for different sectors or industries, and tax them at different rates.
“I don’t think everyone realizes when something affects businesses, it may not directly affect them, but it will indirectly affect them, and since this topic will be on the ballot in November, where can people go to learn more about this?” asked Risvold. “The Illinois Chamber has put together some wonderful information, as well as a fantastic PowerPoint,” said McIntyre. When talking about tax it’s important to know where to go to find helpful information. A relatively new tax, like the Graduated Income Tax, is worth looking into whether you are a businesses owner or not, to stay informed on how it could affect you or your local business.
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