HomePoliticsTax Credit Proposed to Help Residents from Inflation!

Tax Credit Proposed to Help Residents from Inflation!

Rep. Tom Demmer (R-Dixon) is proposing a tax credit to provide families relief from inflation for the state of Illinois. 

According to CNBC, Illinois saw its largest inflation jump in over 30 years during October’s price surge.

Demmer recently held a conference to address the impact of inflation to families. 

Read more: Iowa: New Income Withholding Tax Tables Issued for 2022

“Today we’re proposing an up-to $400 refundable tax credit for Illinois taxpayers across the state. Our proposal mirrors some of the financial aid that was given by the federal government in the last couple of years,” he 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.”

Read more: How a Dec. 15 Government Shutdown May Affect Your Child Tax Credit Payment?

He continued, “All across the state of Illinois today, 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.”

“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 the constituents that we serve, the financial challenges that they face and do whatever we can to provide some kind of relief for them.”

Read more: Child Tax Credit 2021 Update – Families Could Get a ‘Surprise’ $8,000 Stimulus Payment After ‘Thanksgiving’ Cash Issued

Demmer also announced the plan to give taxpayers up to a $400 credit.

“We expect the overall cost of this proposal to be about $1.4 billion,” Demmer said at a Zoom news conference. “We received over $8 billion in federal covid relief funds over which the state has significant control and authority.

He added, “During this year’s budget, the Democrats in the legislature thought it was wise to include $1 billion of capital projects in Democrat-only districts. We think it’s fair to question the wisdom of using that.”

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In the latest University of Illinois Flash Index, which is a gauge of the Illinois economy, the October rating fell to 105.4.

Researchers said the decline followed a broader national pattern of slower recovery from the short, but sharp COVID-19 recession of 2020.

Stay updated for more news here at the East County Gazette. 

Celine German Lagundi
Celine German Lagundihttps://theeastcountygazette.com/
Celine is an experienced news writer, artist, and advocate based in Cebu. She is passionate about pop culture and current affairs.
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