SPRINGFIELD, Ill. – Middle-class families would keep more of their hard-earned paychecks under a proposal sponsored by state Rep. John D’Amico, D-Chicago, which doubles the value of the Earned Income Tax Credit.
“This proposal will provide a huge relief to the budgets of middle-class families across the state,” D’Amico said. “Our state’s economy is best served when the middle-class is thriving, and that’s why we should be focusing our tax relief on working families and not giving handouts to corporations or billionaire CEOs.”
D’Amico 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. D’Amico 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 and
“As the legislative session progresses, I will continue to advocate for our economic reform agenda and prioritize the well-being of middle-class families,” D’Amico said. “I believe that a strong middle-class means a strong economy, and by providing tax-relief for middle-class families we will jumpstart the state’s economy, incentivize spending on local businesses, and create local jobs.”