Gov. JB Pritzker outlines proposed graduated income tax

SPRINGFIELD, Ill. -- Gov. JB Pritzker is rolling out a proposed graduated income tax structure that would start at 4.75 percent and top out at 7.95 percent for those making more than $1 million.

The Democrat says the plan - his key campaign pledge - would generate an additional $3.4 billion a year . He says 97 percent of Illinois taxpayers would see a tax decrease.

Pritzker planned to discuss details Thursday afternoon at the Capitol.

Illinois has a flat-rate individual income tax of 4.95 percent. The 7 percent corporate rate would go to 7.95 percent.

Incomes of $100,000 to $250,000 would pay the current rate of 4.95 percent. The plan includes child tax credits and increased property tax credits.

The plan needs legislative approval before voters would decide on changing the state Constitution.