SCHAUMBURG, Ill. – In response to the new federal tax plan, state Rep. Michelle Mussman, D-Schaumburg, is supporting a bill designed to shield Illinois taxpayers from increased tax rates.
“The efforts by the federal government to pass a new tax plan that reduces taxes on large and powerful corporations while increasing taxes on working families is not an economically viable solution,” Mussman said. “To provide Illinois taxpayers with reassurance, I am proud to support a new bill that will provide real relief, because I believe a strong middle-class expands economic growth – not powerful corporations.”
The Mussman-backed measure, House Bill 4237, adjusts the state income tax code to allow taxpayer contributions into the Illinois Excellence Fund – a fund designated for individual contributions for public purposes. Taxpayers would then be eligible to use those payments to qualify for tax credits, which can be applied directly to their federal income taxes, saving taxpayers money.
“When the federal government seeks to provide the ultra-wealthy with tax breaks while burdening the middle-class with higher taxes, I think we have a real problem,” Mussman said. “Prioritizing the interests of working families should always come before passing laws that benefit billionaires and powerful interests.”