SPRINGFIELD, Ill. – Working families will keep more of their hard-earned dollars under a proposal sponsored by state Rep. Jaime Andrade, D-Chicago, to double the value of the Earned Income Tax Credit.
“By providing much-needed tax relief to working families, we can help spur the state’s economy,” Andrade said. “I believe in an economy that is driven by a thriving middle-class that invests locally and lifts everyone up.”
Andrade 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. Andrade is 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.
“When a billionaire pays the exact same rate as a working family struggling to make ends meet, something is wrong,” Andrade said. “We need to reform our tax system and bring in new progressive streams of revenue that ask the wealthiest to pay their fair share, while also providing tax relief for the folks who truly need it.”
Visit Rep Jaime Andrade website
260-W Stratton Office Building
Springfield, IL 62706
(217) 558-4551 FAX
3657 N. Kedzie
Chicago, IL 60618
(773) 267-2840 FAX