SPRINGFIELD, Ill. – Middle-class families would be able to keep more of their hard-earned money under legislation sponsored by state Rep. Linda Chapa LaVia, D-Aurora, doubling the value of the Earned Income Tax Credit.
“Illinois families need to be able to keep more of the money they earn,” said Chapa LaVia. “I will continue to support legislation that provides them with more financial security.”
Chapa LaVia 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. Chapa LaVia 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, Chapa LaVia 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.
“We must prioritize working families over large corporations,” said Chapa LaVia. “We can strengthen small and medium size employers, while still caring for the needs of middle-class families.”