SPRINGFIELD, Ill. – Working families would be able to keep more of their hard-earned money under legislation co-sponsored by state Rep. Sue Scherer, D-Decatur, that would double the value of the Earned Income Tax Credit.
“This bill will lift up families by allowing them to keep more of what they earn and helping reduce the burden of income taxes,” said Scherer. “Families in our communities are working hard to make ends meet, and I’m determined to work for them at the Capitol.”
Scherer is co-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.
“We need to rewrite the rules to put working families first for a change,” said Scherer. “We can all agree that Illinois needs to do more to create new job opportunities in our communities, but some think the only way to do that is by cutting workers’ wages and making workplaces less safe. I’m fighting for local families by supporting policies that will help local employers grow while also lifting up employees.”