SPRINGFIELD, IL (Chambana Today) – A new report states that Illinois taxpayers will face a tax increase of $2,792 per filer per filer if the U.S. Congress fails to extend the 2017 Tax Cuts and Jobs Act (TCJA).

The report comes from the National Taxpayers Union Foundation (NTUF), and the 2017 TCJA is set to expire at the end of this year. Some members are insisting on increasing the state and local tax deduction to as high as $80,000 for a married couple. According to the NTUF, Illinois taxpayers would receive less than 4% of the benefit from this raise.

“Illinois taxpayers should be aware of what’s happening in the halls of power in Washington, D.C., because what happens has the ability to make the tax system worse and possibly force them to pay more for reckless spending in high-tax states,” said Joe Bishop-Henchman, Executive Vice President of National Taxpayers Union Foundation.

According to the NTUF, At the federal level, TCJA expiration would cause:

  • Halving the federal standard deduction

  • Reducing the federal child tax credit

  • Reintroducing higher tax brackets

  • Lowering the death tax threshold

  • Eliminating key business tax investment incentives like Section 199A and full equipment expensing

Nationally, this would cause:

  • $500 billion in annual federal tax increases

  • A 0.5% drop in wages

  • A 1.1% reduction in economic growth over ten years