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Implications for tax proposals in Illinois

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Based on the "Tax Proposals in the 2011 Budget: What's in It for You?" explain the implications of the proposal for your state's budget of your state (Illinois) with respect to:
Individual taxation
Corporate taxation
Payroll taxation

Review "Tax Proposals in the 2011 Budget: What's in It for You?" at http://abcnews.go.com/Politics/State_of_the_Union/obama-2011-budget-tax-proposals-president-proposes-tax-cuts/story?id=9719942.

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The implications for tax proposals in Illinois.

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Individual taxation

The Obama plan has more than $140 billion of individual tax breaks that are designated for middle class families to care for their children, pay for college and save for retirement. The Child and Dependent Care Tax Credit will increase the credit rate from 20 percent to 35 percent of child care expenses for families making under $85,000. The American Opportunity Tax Credit will provide $10,000 credit for a four year college education. The plan will make the tax cuts on individuals making less than $200,000 per year and families earning under $250,000 per year permanent. ...

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