Illinois "Tax Swap" legislation at a glace
The Trib has an informative interactive gizmo for calculating, based on average income for your zip code, what your new tax bill would be if the proposed "tax swap" legislation is adopted in Illinois.
This measure sounds practical and desirable at first glance. As the Trib puts it: "State lawmakers are considering a $5.8 billion tax reform plan that would increase the income tax rate from 3 percent to 5 percent, and reduce school property taxes by about 30 percent.
The idea is to bolster aid to public schools while lessening reliance on local property taxes that create disparities between wealthy and poor districts. If the tax reforms are approved, the basic state school aid for 2006-07 would rise significantly — from $4,964 per pupil to $6,100"
But the results are not pretty. Take a look and plug in your zip code, or follow their instructions for how to calculate how this would impact your individual taxes.
Thanks to alert reader Cal Skinner for pointing me to this site.