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State May Expand Earned Income Tax Credit

Tue, 18 Feb 2014 10:51:04 CST
By: IPR

Illinois lawmakers are considering whether to double a tax credit intended to help the working poor. The so-called "earned income tax credit" was originally a conservative idea meant to help people trying to work their way out of poverty. Representative Barbara Flynn Currie, a Democrat from Chicago, says the credit would stimulate the economy and improve peoples' lives:

   
"It's also helpful to the business community, to the extent that we provide a break on taxes, it means that the pressure for higher wages is not quite as strong as it otherwise might be."

Currie says doubling the tax credit is estimated to cost the state an additional 110 million dollars over the next four years. Republicans have criticized past increases in the credit, saying all taxpayers deserve relief.

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