Gordon-Booth Sponsors Legislation to Provide Tax Relief to Working Families
04/05/2016
SPRINGFIELD, Ill. – To help middle-class families keep more of their hard-earned money, legislation sponsored by state Rep. Jehan Gordon-Booth, D-Peoria, would double the value of the Earned Income Tax Credit.
“Middle-class families are the backbone of our community,” Gordon-Booth said. “However, they have been facing increased pressure every year as the cost of goods, services and health care continues to increase. This legislation will help them keep more money in their pockets to provide for their families.
Gordon-Booth is sponsoring House Bill 2475, which would double the value of the state’s Earned Income Tax Credit over the course of five years, raising the value of the credit by 2 percent every year. Each 2 percent increase would put an estimated $44 million back in working families’ pockets. Additionally, the U.S. Conference of Mayors indicates that every $1 returned to taxpayers through the Earned Income Tax Credit generates between $1.50 and $2 in economic activity, helping local businesses grow.
The measure is a key element of an economic reform agenda recently introduced by House Democrats this year. Gordon-Booth and her colleagues are pushing for reforms that grow the economy while also strengthening the middle class. Rather than padding the profits of corporations by reducing middle-class wages and slashing the rights of Illinois’ workers, Gordon-Booth and the House Democrats are working to level the playing field for small and medium-sized employers, raise the minimum wage, invest in education at all levels and outlaw taxpayer-funded incentives for businesses that outsource local jobs.
“In recent years the wealth gap has continued to widen,” Gordon-Booth said. “We need policies that lift working and middle-class families, rather than giving more tax breaks to the extremely wealthy. As we continue to discuss reforms in Springfield, we need to make sure that we are helping those that need it the most.”
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“Middle-class families are the backbone of our community,” Gordon-Booth said. “However, they have been facing increased pressure every year as the cost of goods, services and health care continues to increase. This legislation will help them keep more money in their pockets to provide for their families.
Gordon-Booth is sponsoring House Bill 2475, which would double the value of the state’s Earned Income Tax Credit over the course of five years, raising the value of the credit by 2 percent every year. Each 2 percent increase would put an estimated $44 million back in working families’ pockets. Additionally, the U.S. Conference of Mayors indicates that every $1 returned to taxpayers through the Earned Income Tax Credit generates between $1.50 and $2 in economic activity, helping local businesses grow.
The measure is a key element of an economic reform agenda recently introduced by House Democrats this year. Gordon-Booth and her colleagues are pushing for reforms that grow the economy while also strengthening the middle class. Rather than padding the profits of corporations by reducing middle-class wages and slashing the rights of Illinois’ workers, Gordon-Booth and the House Democrats are working to level the playing field for small and medium-sized employers, raise the minimum wage, invest in education at all levels and outlaw taxpayer-funded incentives for businesses that outsource local jobs.
“In recent years the wealth gap has continued to widen,” Gordon-Booth said. “We need policies that lift working and middle-class families, rather than giving more tax breaks to the extremely wealthy. As we continue to discuss reforms in Springfield, we need to make sure that we are helping those that need it the most.”
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