Walsh Backing Efforts to Provide Tax Relief for Illinois Families

SPRINGFIELD – State Rep. Larry Walsh Jr., D-Joliet, is sponsoring legislation to allow middle-class families to keep more of their hard-earned income by doubling the value of the Earned Income Tax Credit. The Walsh-backed bill is a key element of an economic reform agenda introduced by House Democrats.

“Governor Rauner’s continued push for policies that benefit wealthy corporations at the expense of middle-class families is troubling,” Walsh said. “I’m focused on lifting up middle-class families and providing tax relief to those who need it most.”

Walsh 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. Walsh and his 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, Walsh 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.

“Instead of slashing workers protections, I’m focused on working with my colleagues to find ways to improve the lives of Will County residents,” Walsh said. “We can build up the middle-class by investing in education, expanding tax credits for businesses, and working to promote job growth here in Illinois.”