ILLINOIS – State Representatives Martin McLaughlin (R-Barrington Hills) and Jennifer Sanalitro (R-Hanover Park) released the following joint statement after Governor Pritzker signed the FY2027 budget, which includes a new 0.2% tax on cryptocurrency transactions:
“Governor Pritzker and his team of serious legislators sprained their elbows once again, patting themselves on the back with another budget that includes over $800 million more in tax hikes and spending than the year before. This one adds a new 0.2% tax on buying cryptocurrency — the first tax of its kind in the country,” said Representative McLaughlin.
Representative Sanalitro said, “You feel it when you buy it at the grocery store, just like you feel it at the pump, in your property tax bill, purchase tires, buy a bucket of paint, or pay college tuition. 6 out of 10 people invest in financial products like this just trying to get ahead and now this puts them further behind.”
Over the past seven years Pritzker has implemented 57 individual line item taxes and raised all of our collective taxes by $77 billion. The result is hundreds of businesses leaving the state.
This crypto tax is part of that bigger package of over $800 million in new taxes and fees. Democrats even missed a $500 billion appropriation error in the process, an expense nearly ten times Illinois’ annual budget.
The majority party dropped this massive budget bill in the middle of the night with almost no time for review. That’s not the proper way to run our government.
“This rushed process with new taxes and missed errors shows a complete lack of transparency and respect for the taxpayers and families we represent,” said Representative Sanalitro. “We need serious financial relief and common sense business and taxpayer protections moving forward instead of more reckless spending.”
Representative McLaughlin concluded, “Business leaders and taxpayers are begging us for fiscal sanity not more meddling malfeasance. We can do better. We should do better. We must do better.”
For more information, contact Rep. Martin McLaughlin’s office at 224-634-8300 or by email at [email protected].
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State Representative Martin McLaughlin serves the residents of the 52nd District which includes the following Northwest Suburban communities in Cook, Lake, and McHenry counties: Algonquin, Barrington, Barrington Hills, Cary, Deer Park, Fox River Grove, Grayslake, Hawthorn Woods, Hoffman Estates, Inverness, Island Lake, Lake Barrington, Lake In The Hills, Lake Zurich, Lakemoor, Libertyville, Long Grove, McHenry, Mundelein, North Barrington, Port Barrington, Round Lake, South Barrington, Tower Lakes, Volo, Wauconda.