SPRINGFIELD, Ill. – Middle-class families would be able to keep more of their hard-earned money under legislation sponsored by state Rep. Marty Moylan, D-Des Plaines, doubling the value of the Earned Income Tax Credit. The Moylan-backed bill is a key element of an economic reform agenda introduced by House Democrats.
“My bill will help middle-class families in my district by letting them keep more of their hard earned money,” Moylan said. “I will fight to lower the tax burden on families struggling to make ends meet.”
Moylan 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. Moylan and his 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, Moylan 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.
“It’s time for Illinois to focus on putting middle-class families first,” Moylan said. “I will be fighting for policies that help create jobs and economic opportunity for everyone, not just the extremely wealthy.”
Visit Rep Moylan’s website
200-3S Stratton Office Building
Springfield, IL 62706
24 S. Des Plaines River Rd.
Des Plaines, IL 60016
(847) 635-8565 FAX