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South Central Reporter

Monday, December 23, 2024

Bourne: October's inflation rate was 'the highest annual figure in my lifetime'

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State House Rep. Avery Bourne | YouTube.com

State House Rep. Avery Bourne | YouTube.com

State Rep. Avery Bourne (R-Morrisonville) is pushing an inflation tax relief plan to help Illinois families burdened by higher taxes and rising inflation.

“We are here to talk to you about the difficulty that inflation is causing families, certainly families we represent and throughout the state, and propose relief for Illinois families who are facing ever-increasing prices,” Bourne said at a Nov. 23 news conference.

Bourne points to a recent Kiplinger analysis that rates Illinois as the least tax-friendly state in the country for middle-class families as an illustration of just how bad things have gotten.

“So, while inflation is definitely impacting families across the nation, it is acutely impacting families here in Illinois that are already burdened with higher taxes,” she said. “At the end of October overall inflation was 6.2%, which is the highest annual figure in my lifetime. My guess is most families aren't sitting around tracking the Consumer Price Index but they don't need to to feel the impact that inflation is having on their monthly budgets when they go to the grocery store.”

With the state’s flat income tax rate at 4.95%, Kiplinger notes Illinois’ property taxes are also the second highest in the country on average and the state’s sales taxes are also among the steepest with the Tax Foundation placing the average combined rate at 8.83%.

“For all three taxes we're tracking – income, sales, and property taxes – you tax middle-income residents at an above-average rate (at least),” Kiplinger said. “And for one of those taxes, the rates are extremely high. That's enough to put the Land of Lincoln in the most undesirable spot on our list. When we ran tax returns for all 50 states and the District of Columbia for our hypothetical middle-class family, the Illinois income tax bill was tied for the ninth-highest in the country.

WGEM.com reports the plan Bourne is sponsoring along with colleague Rep. Tom Demmer (R-Dixon) would pave the way for those earning up to $75,000 to get a $200 tax credit and for joint filers earning as much as $150,000 to get $400, while heads of households bringing in up to $112,500 to get $200.  

 

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