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Income tax, Illinois, Chicago

Illinois enacts new income tax system, benefits Chicago residents

New tax system will provide relief to low- and middle-income taxpayers

The state of Illinois has enacted a new income tax system that will provide relief to low- and middle-income taxpayers. The new system, which was signed into law by Governor JB Pritzker, will reduce the state's flat income tax rate from 4.95% to 4.9%. The new system will also create a new earned income tax credit (EITC) for low-income taxpayers. The EITC is a refundable tax credit that reduces the amount of taxes that a taxpayer owes. The new EITC will be worth up to $1,000 per year for low-income taxpayers.

Chicago residents will see the greatest benefits from the new tax system

Chicago residents will see the greatest benefits from the new tax system. The city of Chicago has a higher cost of living than the rest of the state, and the new tax system will help to offset the higher costs of living in the city. The new tax system will also provide relief to Chicago residents who are struggling to make ends meet. The new EITC will help to put more money in the pockets of low-income Chicago residents.

The new tax system is a major victory for low- and middle-income taxpayers in Illinois

The new tax system is a major victory for low- and middle-income taxpayers in Illinois. The new system will provide much-needed relief to taxpayers who are struggling to make ends meet. The new EITC will help to put more money in the pockets of low-income taxpayers, and the new lower income tax rate will provide relief to all taxpayers. The new tax system is a step in the right direction for Illinois, and it will help to make the state a more affordable place to live.