SPRINGFIELD, IL – In an effort to close current tax loopholes and provide monetary relief for the middle class, Illinois State Rep. Emanuel “Chris” Welch, D-Hillside, is sponsoring House Bill 3393.
“Illinois needs revenue in order to protect and fund higher education, social services, senior citizens and the most vulnerable among us, and this should not be done on the backs of middle-class families” said Welch. “One way to find that revenue would be to close the carried interest loopholes that the super wealthy have enjoyed for a long time. According to the Department of Revenue, this additional revenue estimation that the legislation would yield is as much as $1.7 billion each year.”
Welch is sponsoring House Bill 3393 in order to close corporate loopholes and establish a fairer tax structure for Illinois residents. In a time when Illinois’ economy is struggling, finding revenue without taxing the middle class and eliminating antiquated loopholes could result in much needed funds for service providers, institutions of higher education and seniors.
“Hard working families do not enjoy huge tax loopholes that allow them to collect untaxed income. They have had to work for every dollar they have earned, and still are legally bound to pay federal, state and local taxes for each dollar,” Welch said. “Illinois’ tax structure is broken and needs to be fixed, but it needs to be fixed in a way that lifts up working and middle-class families by allowing them to keep more of their money.”