SPRINGFIELD – Rising inflation, higher rent and increasing insurance costs are putting pressure on Illinois families across the state. To support Illinoisans during this time of economic uncertainty, Senator Graciela Guzmán has called for revenue reform in the state to tax the rich.
“People are feeling the price pressure in their lives from rising rent, more expensive groceries and rising insurance costs,” said Guzmán (D-Chicago). “We need bold revenue reform in Illinois to support everyone in the state, not just the richest few. We can uplift the working and middle classes with the financial support to build a future for themselves at a time when the economy and federal administration are very unstable. Our communities are facing urgent need, we must take decisive action this month by taxing the rich to help our communities and move Illinois forward.”
Guzmán spoke on the need for revenue reform in front of the State Capitol on Wednesday. There are several bills being considered, including:
- Senate Bill 3376, which would apply Illinois’ personal income tax rate to the appreciation of assets for residents with a net worth of $1 billion or more.
- Senate Bill 3486, a measure that would strengthen corporate tax accountability by addressing how large, multinational corporations report income.
- Senate Bill 3353, which would apply a 10% tax on a digital advertisers’ annual revenue if the revenue earned exceeds $150 million.
- Senate Bill 3796, a proposal that would decouple Illinois from federal tax changes, end high-impact business credits and require a cost-benefit analysis of corporate tax incentives.
“These are policy proposals that we can put in the budget today to ensure that all of the things we need are in the budget this month.” said Guzmán. “The question we ask our peers is: will you vote on a just budget? Will you vote on a budget that feeds our communities? Will you tax the rich?”
Senator Guzmán is committed to supporting working families and constituents across Illinois.
