Moylan Backs Higher Minimum Wage, Promotes More Economic Growth
02/14/2019DES PLAINES, Ill. – State Rep. Marty Moylan, D-Des Plaines, supported a minimum wage plan Thursday to create an estimated $19 billion in new economic activity every year while raising wages and helping businesses to succeed and grow.
“This bill raises the minimum wage responsibly, balancing families’ need for fair pay with the needs of small businesses,” Moylan said. “By spreading out minimum wage increases and reducing the costs on small businesses, we ensure hard-working families can spend more money while allowing businesses to adjust. When middle-class families have more money to spend, our economy performs better for everyone.”
Under the Moylan-backed Senate Bill 1, more than 80 percent of businesses and non-profits in Illinois will receive access to a new tax credit to cover the cost of increased wages. Under the proposal, the state’s minimum wage will gradually rise from the current rate of $8.25 to $15 by 2025. The Illinois Economic Policy Institute estimates that the plan will generate $19 billion in new economic activity annually across the state once fully implemented.
“With a higher minimum wage, our economy will thrive,” Moylan said. “When our economy thrives, everyone is better off, from middle-class families to small business owners. Raising the minimum wage is the right decision for Illinois.”