SPRINGFIELD - Reports are coming in from Chicago's suburbs of property owners standing in line to pay their first installment of 2018 property taxes before the end of the year. Why? Because they live in Illinois, one of the "high tax" states in which federal taxpayers will have an annual cap on state and local tax deductions of $10,000 starting next year.
The lines at treasurer offices in Will County and DuPage County are long because Illinois' taxes are way too high, State Rep. David McSweeney told Illinois Review Wednesday.
"Illinois is losing people and businesses because of high taxes," McSweeney said. "Our population moved down to sixth in the nation because so many are leaving the state."
Taxpayers need to be reminded that standard deductions will double to $12,000 filing singly and $24,000 filing jointly next year, but if people itemize on their federal forms, paying one installment ahead might help a little, he said.
That shows how important every vote on tax hikes is.
"We need change in Illinois, and our current governor is not able to deliver the badly-needed change," the Barrington state rep said.
The economy at the national level is booming with policies on taxes and regulations moving in one direction while Illinois' Democrat-controlled legislature is heading the state's policies directly opposite.
"We're seeing higher income and property taxes every year and more and more regulations on businesses," McSweeney said.
Democrats, on the other hand, are using the tax lines as a way to blame Republicans in Congress for supporting the tax reform. Congressman Peter Roskam, who Democrat polling says is running ten points behind a Democrat challenger, is being ridiculed for leading in the tax discussion.
Roskam's office released these facts in defense of his vote:
- A family of four making the median income in IL-06 of $135,485 and taking the standard deduction would receive a savings of $4,673.
- Every income bracket in the 6th district on average will receive a tax cut.
- A recent college graduate in Crystal Lake, IL making $40,000 will save $757.
- A young married couple in Naperville making $80,000 will save $1,514.
- A married couple with their first child in Palatine making $90,000 will save $2,191.
- As a direct result of tax reform, an estimated 14,097 full-time jobs will be added in Illinois according to the Tax Foundation.