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* CNN reporting from Washington, DC…
The House voted on Wednesday evening to pass a $78 billion bipartisan tax package that would temporarily expand the child tax credit and restore a number of business tax benefits.
The bill will next go to the Senate. House Speaker Mike Johnson currently oversees a razor-thin majority, but the bill passed with rare bipartisan support. The vote was 357 to 70 with 188 Democrats and 169 Republicans voting in favor and 23 Democrats and 47 Republicans opposed.
Some issues remain in the US Senate, however.
* Press release from Economic Security Project Action…
In response to news that the House of Representatives has voted to pass an expanded Child Tax Credit (CTC) in the latest tax deal, leaders and advocates in Illinois are spotlighting the need to pass a statewide Child Tax Credit in Illinois this year. Sponsored by State Senator Omar Aquino and State Rep. Marcus Evans Jr., the bill would create a robust Child Tax Credit, which would offer $300 for Illinois families who earn less than the median income. Such a credit would benefit 1.4 million kids and 2.8 million parents and generate over $1 billion in local economic stimulus.
Calls for a Child Tax Credit are growing across the state, with +40 organizations across Illinois currently signed on to this proposal.
“We are happy to see Congress is taking action to expand the Child Tax Credit, with the House of Representatives voting on a version of the deal,” said Erion Malasi, Director of Policy & Advocacy at Economic Security of Illinois. “While the Senate considers the proposal, we celebrate a small step towards addressing the needs of the lowest-income American families. At the same time, we know families here in Illinois still need more support from their government. We have an opportunity this year to create a robust CTC that would benefit half of all children throughout Illinois, and help families manage rising costs for housing and living expenses. We are calling on our colleagues in the Illinois Legislature to pass a CTC this year and help Illinois families thrive.”
“The House of Representatives did the right thing by moving forward with a tax deal that expands the Child Tax Credit; now it’s time to pass our own version here in Illinois,” shared State Representative Marcus Evans Jr. “By offering hard-working families more money at tax time, we can combat the affordability crisis that faces our families in Chicago and across the state, and help to bridge the divide in racial financial equality. If we pass this CTC, 60% of the children who would benefit are from Black and brown households.”
“Congress did the right thing, and now so should Illinois,” added State Senator Omar Aquino. “The Child Tax Credit I am proposing this year would put money back in working-class parents’ pockets. That money helps families stay afloat, provide a good education for their children, and re-invest that money right back into our local economy. It’s time for Illinois to join the 14 other states that have their own child tax credits as the fifteenth.”
* As we’ve already discussed, the $300 million price tag is worrying the governor because the state is looking at a significant deficit in the coming fiscal year. So, I asked the governor’s office for comment about the above press release…
The Governor looks forward to delivering his budget address in a few weeks and he has a demonstrated record of balancing our budget while investing in the people of Illinois. Working with the General Assembly, we’ve already invested historic amounts of money into early childhood education and childcare through Smart Start IL and we look forward to our second year of implementation. Whether it’s home visiting or making college more affordable, the state of Illinois has made enormous progress making Illinois the best place to raise a family.
Your thoughts?
posted by Rich Miller
Thursday, Feb 1, 24 @ 1:50 pm
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==we’ve already invested historic amounts of money into early childhood education and childcare==
Sounds like the governor already spent this money on services that CTC recipients would utilize, probably saving them more then they’d get back from CTC.
What would low income families rather have, the state-provided service or money in their pocket?
Comment by City Zen Thursday, Feb 1, 24 @ 2:24 pm
===What would low income families rather have===
Where are the votes to eliminate those programs?
Comment by Rich Miller Thursday, Feb 1, 24 @ 2:28 pm
The level of investment required for a broadly applied child tax credit (like the federal CTC) makes it cost prohibitive for states to do in a meaningful way. Like guaranteed basic income, whether it is a good policy is almost irrelevant in the face of cost. The feds print the money and that’s where the action should be to even out income inequality. That’s harder to do in Illinois where we don’t print money and can only raise revenue by taxing the low and middle earners more.
That said, every little bit helps so maybe there’s a way to do it without a prohibitive price tag.
Comment by Who else Thursday, Feb 1, 24 @ 2:47 pm
State aid for migrants but not the $300 per child tax credit?
Not sure that’s a message the governor wants to own.
Comment by This Thursday, Feb 1, 24 @ 4:32 pm
Does the the legislature need a list of spending priorities that $300 million could be directed at which would have a better impact on the overall public besides an unsustainable child tax credit?
I could write them a real specific list if they need me to. Better yet, how about a suggestions box?
Is all of the deferred capital maintenance caught up? Teacher shortage resolved? Hiring crisis over? Pension fully funded?
I’m used to this kind of irresponsible policy chatter coming out of the Eastern Bloc. But here’ we are.
Take my tax dollars and the schools and public services that make our communities better places for everyone to live in. Throwing a pittance at families has a real limited net social benefit. A cruel gesture suggested by an elected officials who apparently lack a meaningful contribution to policy discussions.
Comment by Candy Dogood Thursday, Feb 1, 24 @ 9:08 pm