Today, State Senator Heather Steans (D-7), Ralph Martire of the Center for Tax and Budget Accountability (CTBA), William McNary of Citizen Action/Illinois and Dan Lesser of the Sargent Shriver National Center for Poverty Law held a news conference in the State Capitol press room to release a new CTBA analysis of state tax return data.
Tax benefits are going disproportionately to the wealthy few -- NOT working and middle-class taxpayers.
Millionaires are getting an average annual tax cut of nearly $37,000.
· That's 99 times the $372 going to filers with incomes of $25,000 to $35,000;
· That's 344 times the $107 going to filers with incomes of $25,000 or less.
The tax breaks will fail to stimulate the state economy, because most go to people likely to save the money rather than spend it; relatively scant benefit goes to people with stagnant or falling incomes, who have material needs and would circulate the money in their local economies.