SPRINGFIELD, Ill. – Middle-class families would keep more of their hard-earned paychecks under a proposal sponsored by state Rep. Jay Hoffman, D-Swansea, which doubles the value of the Earned Income Tax Credit.
“With many working families struggling to make ends meet, this proposal would provide them with much-needed tax-relief,” Hoffman said. “When the middle-calls is thriving our state’s economy performs best. We need to prioritize giving tax breaks to the state’s hard-working families, and eliminate tax loopholes for huge corporations that are sending jobs overseas.”
Hoffman 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. Hoffman 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 slashing the rights of Illinois’ workers, Hoffman 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.
“Our economic reform agenda will lift up the middle-class and in doing so help to fuel the state’s economy,” Hoffman said. “Giving tax breaks to working families will spur spending in the local economy—incentivizing growth at local businesses and creating local jobs.”
Rep Jay Hoffman
261-S Stratton Office Building
Springfield, IL 62706
(217) 782-1333 FAX
312 S. High St.
Belleville, IL 62220
(618) 416-7409 FAX