Bill > SJR0022

This resolution urges the State of Illinois to generate $6 billion in new revenue by implementing tax policies targeting ultra-wealthy individuals and large corporations, in response to potential federal funding cuts and the state's significant revenue shortfall. The resolution specifically recommends revenue strategies such as raising corporate income tax rates, closing corporate tax loopholes, taxing offshore sheltered income, addressing the carried interest loophole, and taxing data extraction by technology companies. These new revenues would be directed toward funding critical state priorities including public transit, immigrant services, healthcare access, public school funding, senior home care, child tax credits, direct cash assistance, employment re-entry programs, violence prevention initiatives, and affordable housing opportunities. The resolution emphasizes that these tax policy changes would not only provide needed funding but also make Illinois' tax system less regressive by reducing the disproportionate tax burden on lower-income households, who currently pay a significantly higher percentage of their income in taxes compared to the top 1% of earners. Ultimately, the resolution aims to address income inequality and ensure more equitable economic opportunities for all Illinois residents.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=22&GAID=18&DocTypeID=SJR&SessionID=114&GA=104