Skillicorn backing resolution opposed to state property tax
A recent proposal suggested by economists from the Federal Reserve Bank of Chicago to levy a 1 percent state property tax has spurred Rep. Allen Skillicorn (R-East Dundee) to co-sponsor legislation against the idea and call on state lawmakers to support a U.S. House resolution calling for an audit of the Federal Reserve System.
According to recent reports, Federal Reserve Bank of Chicago economists are recommending the statewide property tax levy on the actual value of a home in Illinois which would help pay for state pensions.
Skillicorn joined Rep. Jeanne Ives (R-Wheaton) in sponsoring HR1072, a resolution opposing the idea of a statewide property tax. Skillicorn is also calling on state lawmakers to support U.S. House Resolution 24, the Federal Reserve Transparency Act of 2017.
"Enough is enough," Skillicorn said in a recent statement. "Despite having some of the highest property taxes in the nation, the Chicago Fed has the audacity to recommend a massive property tax hike to pay for Illinois’ unsustainable pensions on the backs of middle-class taxpayers who are already taxed enough," he said.
According to Skillicorn, the U.S. Government Accountability Office (GAO) is prohibited from auditing the Federal Reserve in four main areas and the congressional resolution aims to remove the exemptions.
"It is beyond ironic that as a part of the Federal Reserve – a major contributor to the circumstances that caused the Great Recession by keeping interest rates too low for too long, along with crushing those on fixed incomes and savers with Zero Interest Rate Policy for a decade – the Chicago Fed looks to Illinois homeowners to once again bail out reckless government spending," Skillicorn said.
"Time to Audit the Fed," he said.