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Tax Break for Illinois Families with Young Children
Governor Pritzker‘s Initiative Aims to Support Working Parents
According to Illinois Policy, Governor J.B. Pritzker’s budget plan has good news for Illinois families especially those with young kids. He wants to create a special tax break for parents with children under 3 years old. This tax break could give back $12 million to these families. Tax breaks are meant to help families who might be struggling with money problems and also encourage parents to keep working.
READ ALSO: Single Dad’s SNAP Benefits Plummet After Kid Moves Out: Confusing System Leaves Families Struggling In Pennsylvania!
$12 Million Tax Break for Illinois Families with Young Kids: A Step Towards Support or Potential Struggles? (PHOTO: Illinois Policy)
Gradual Tax Break Raises Concerns and Calls for Clarity
The idea is to give families more money back gradually depending on how much they earn. This tax break is similar to what Minnesota is doing and it seems to be working well there. But some people worry that when tax breaks start to go away as people earn more it might make it harder for them to make decisions about working. They’re concerned that it might also make their taxes higher in the end. Although Governor Pritzker’s plan is a good start we need more details to understand how it will really work. Some experts are worried about other proposals in the Illinois General Assembly. They think the way those tax break proposals are structured might cause problems. So, it’s important to find a way to help families without making them rely too much on government help.
READ ALSO: $1 Billion Unclaimed: The IRS Requests Immediate Action On The 2020 Tax Return Refund Deadline
