Illinois Asset Building Group - Building Financially Strong Families and Communities

The Illinois Asset Building Group (IABG) urges members of the Illinois General Assembly to increase the state income tax while providing a significant increase in the state’s Earned Income Tax Credit in the final FY 2010 budget. 

IABG supports progressive tax reform, including an income tax increase coupled with policies to promote tax fairness as a way to help provide the tools for families and communities to build assets while addressing Illinois’ longstanding structural deficit, now deeply exacerbated by the recession.

With an increase in the state income tax, Illinois will have a much more stable revenue system to support essential programs and services that families need to maintain economic stability: childcare, health care, education, services for people with disabilities and the elderly, and much more.  All of these important programs provided by the state supporting the economic stability of families and communities will be disastrously slashed if Illinois does not secure the needed revenues.  

The expansion of tax fairness to low-income taxpayers – such as an increase in the state Earned Income Tax Credit to 20% of the federal credit – will ensure those with the lowest income pay only their fair share, leaving them with extra income to stimulate the economy and build assets. In combination with the federal stimulus money, the money the state spends in the FY10 budget for necessary services will help create jobs, overcome the recession, and put our state back on track to provide economic stability and upward mobility for all those living in Illinois.

We urge our members to join us in supporting revenue reform that will provide a more progressive tax structure in Illinois. Please call your state legislators and tell them to support increasing the state EITC and the state income tax.

To find your state legislators, click here.

For more information on the Illinois Earned Income Tax Credit, click here.