Professor Richard Kaplan was a guest on the November 15th episode of Illinois Public Media's The 21st. He spoke with host Niala Boodhoo about how the proposed tax overhaul plan might affect residents of Illinois.
"There are so many moving parts, that it is difficult to assess but probably people in the upper 20% of the income strata are going to see the most changes in both directions - deductions lost, tax rates lowered. People in the other 80% or so are going to have some major simplifications in terms of losing exemptions and a higher standard deduction. They may or may not see lower rates. It's going to very much depend on how it shakes out, and whether they have major medical expenses or pay high property taxes," said Kaplan.
Listen to the full segment.