The State of Illinois is having to consider some very important things in regards to their budget for the 2015 year. Already, polls are being conducted to try to determine where the voters stand on the issue. So far, polls have shown that voters are more in favor of reducing state spending rather than raising taxes. However, a 2015 tax calculator can help individuals see what they may need to do in order to pay their taxes.
If higher taxes do come, then a 2015 tax calculator will help those who use it to prepare for this reality. However, the issue is still yet to be decided. Currently, the individual income tax rate in Illinois is actually scheduled to drop from 5% to 3.75% on January 1st. Most of those who were polled stated that they were still in favor of this development.
They wanted to make sure that they got the tax cut that they were already promised. A quick use of the 2015 tax calculator could help them to see how this cut will impact them in the coming year.
It is yet to be seen if this cut is something that will quickly be reversed or if it is something that is going to have a more permanent stay in the State of Illinois. Some are bracing for either result.