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Saturday, November 2, 2024

Demmer proposes tax credits amid high taxes, inflation

Tomdemmer

“Sorry, Illinois, but you're the least tax-friendly state in the country for middle-class families,” Kiplinger said in an article listing the 10 least tax-friendly states for middle-class families.

State Rep. Tom Demmer (R-Dixon) said the state's tax rates and inflation makes giving taxpayers  a rebate necessary. Demmer is proposing legislation that would provide rebates of up-to $400 for families.

“All across the state of Illinois, families are feeling an increased burden because of rising costs due to inflation, the supply chain disruption and the high taxes that Illinois families uniquely deal with even above and beyond what families across the United States are dealing with,” Demmer said during a recent news conference. "That's why today we're proposing an up-to $400 refundable tax credit for Illinois taxpayers across the state.”

Demmer said the rebates wouldn't be too different from the tax credits the federal government has been providing.

“Our proposal mirrors some of the financial aid that was given by the federal government in the last couple of years,” Demmer said. “Our proposal would call for single filers (who make) up to $75,000 in income to receive $200, joint filers (who make) up to $150,000 to receive $400 and head of household filers (who make) up to $112,000 to receive $200. We expect the overall cost of this proposal to be about $1.4 billion.”

Demmer said part of a lawmaker's responsibilities is to look out for family finances.

 “As legislators, we have the obligation not just to look at the financial health of the state government budget, but also to think of the financial health of family budgets of the constituents that we serve."

Kiplinger rated Illinois as the least tax-friendly state in the country for middle-class families.

Sales taxes in Illinois are the seventh-highest in the country. The state's property taxes are the second-highest in the nation, Kiplinger reported.

October’s consumer price jump was the largest inflation surge in more than 30 years, CNBC reported.

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