Mussman Sponsors Legislation to Provide Tax Relief for Working Families

SPRINGFIELD, Ill. – Middle-class families would be able to keep more of their hard-earned money under legislation sponsored by state Rep. Michelle Mussman, D-Schaumburg, doubling the value of the Earned Income Tax Credit. The Mussman-backed bill is a key element of an economic reform agenda introduced by House Democrats.

“Making sure hardworking families keep more of their money is the best policy I can promote to improve Illinois’ economy and uplift the middle class,” said Mussman. “Increasing the ability of consumers to spend money on goods and services would also result in further job creation.”

Mussman 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. Mussman 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, Mussman 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.

“As we have seen over the last two years, a cuts only approach does not create jobs, grow our economy, or lift up Illinois’ middle class,” said Mussman. “My mission is to promote true economic reforms that strengthen the middle class and expand opportunity for everyone. This legislation is a significant step in that direction.”