SPRINGFIELD, Ill. – State Rep. Mike Halpin, D-Rock Island, voted to protect Illinois residents from Washington politicians’ effort to slash tax credits for middle-class families and hand out tax cuts for the wealthy Wednesday. Halpin voted to pass bipartisan legislation ensuring middle-class families in Illinois do not see higher taxes as a result of Washington’s tax scheme.
“By slashing deductions for property taxes and other state taxes, Republicans in Washington are raising our taxes by thousands of dollars to pay for expensive handouts to their ultra-wealthy donors,” said Halpin. “Our tax laws should put middle-class families ahead of corporate special interests, the ultra-wealthy and the politically connected. That’s why it’s so important that we advance legislation like this that helps Illinois families keep more of what they earn.”
House Bill 4237 protects Illinois’ families from paying more in taxes as a result of changes at the federal level, including the capping of a key deduction that offsets the cost of property taxes. The State and Local Tax (SALT) deduction was previously uncapped but is now limited to $10,000. Halpin’s measure offsets the cap by creating charitable funds that homeowners can write a check for their property taxes to, allowing them to continue to claim a full deduction.
“The SALT deduction is a critical deduction that many middle-income homeowners depend on to lower their taxes,” said Halpin. “Local families’ budgets are already strained; the last thing they can afford is the potential of more of their hard-earned money being taken to subsidize massive tax cuts for the wealthy.”