HR0692 103RD GENERAL ASSEMBLY

HR0692 LRB103 40248 MST 72212 r

HOUSE RESOLUTION

WHEREAS, The hard working people of Illinois paid over $50 billion dollars in tax payments used by the State of Illinois, in addition to local and federal taxes; and

WHEREAS, Tax Freedom Day is an important date for the more than 340 million U.S. taxpayers and their families who pay federal and state taxes every year, because it marks the day when Americans as a whole have earned enough to pay their tax burden; and

WHEREAS, Tax Freedom Day has been calculated by the Taxpayer Federation back to the year 1900, when this day was January 22nd, using a methodology that calculates each dollar amount of net income paid by using the Department of Commerce's Bureau of Economic Analysis and allocations by each taxpayer's state of residence; and

WHEREAS, Tax Freedom Day is not only a significant symbolic date to recognize the hard work of all Illinoisans but also acknowledges the significant amount of taxes that come out of a taxpayer's yearly pay check; and

WHEREAS, Tax Freedom Day is an important time for citizens, lawmakers, educators, and all other entities who are impacted by taxes to observe this day to begin important conversations about fiscal responsibility and to increase taxpayer awareness; and

WHEREAS, All federal, State, and local governments should keep in mind Tax Freedom Day when making decisions on behalf of members of the public to insure collective freedom and prosperity; and

WHEREAS, In 2024, it will take until April 18th for most Americans to make enough income to pay off all their federal, state, and local taxes; this date is 109 days into the year and falls after Tax Day on April 15th; and

WHEREAS, Historically, Illinoisans have had to pay taxes eight additional days or more to pay off all their federal, state, and local taxes; and

WHEREAS, This date continues to show the increasing overall tax burden on all taxpayers, as the rate of taxation continues to lag behind the economy and inflation; and

WHEREAS, Americans continue to work longer to pay off all their taxes; in 2019, it took the average American 26 days to pay payroll taxes, 15 days to pay sales and excise taxes, 5 days to pay income taxes, 11 days to pay property taxes, and 6 days to pay estate taxes; and

WHEREAS, Illinois ranks in the top five states in terms of tax burdens; with Illinois Tax Freedom Day coming in May, it is beneficial to observe the federal Tax Freedom Day so the people of Illinois can reflect on their hard work and dedication to pay their share of the collected government budgets; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we declare April 18, 2024 as Tax Freedom Day in the State of Illinois.