Yesterday Gov. JB Pritzker and legislative Democrats held a news conference publicizing coming tax relief. To say this is a modest bit of relief is putting it mildly. They were thrilled enough about this to hold a press conference, but in reality the amount of tax relief is minuscule.
A suspension of the 1 percent sales tax on groceries through June 2023. This amounts to one cent off a dollar or ten cents off of ten dollars spent. The motor fuel tax break would save 22 cents on ten gallons of gas.
There are other tax breaks or tax credits which may be helpful. But not all that much.
- An income tax rebate of $50 per individual with income below $200,000 a year, or $100 for couples filing jointly with income below $400,000 a year, plus $100 per dependent child, up to three children.
Meanwhile New Mexico Governor Michelle Lujan Grisham also put out a press release yesterday with much better tax help. Single households that do not have any dependents will receive a $500 payment, and married couples will pocket $1,000. She raised Pritzker's ten cents and raised it by a lot.
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