NEW REPORT// FROM BIRTH THROUGH YOUNG ADULTHOOD: REFORMING ILLINOIS TAX POLICY FOR ECONOMIC SECURITY AND RACIAL EQUALITY

FROM BIRTH THROUGH YOUNG ADULTHOOD: REFORMING ILLINOIS TAX POLICY FOR ECONOMIC SECURITY AND RACIAL EQUALITY

The tax code is a powerful tool used to address a myriad of policy goals. Unfortunately, instead of narrowing income and wealth gaps, various tax provisions continue to reinforce historical gender and racial biases in the tax code. Some advocates argue that the Earned Income Tax Credit (EITC) and the refundable portion of the Child Tax Credit (CTC) are exceptions to the generally inequitable tax system, as these credits provide substantial support to low- and moderate-income families. Illinois has a role to play in addressing the gender and racial inequities in the tax and revenue system. This policy report outlines reforms to the Illinois tax code that would provide tax relief to Illinois parents with young children, and young adults who are at the beginning of their career. It directs addition to how changes could impact racial tax equity in Illinois