Kane County Reporter

After United States President Joe Biden signed the Inflation Reduction Act, GOP members in Congress quickly criticized the legislation that seeks to lower prescription drugs, health care and energy costs.

“The State of Illinois can step up and do something to help older adults who have worked hard all their lives to raise and provide for their family,” Representative Keith Wheeler wrote on his website. “Every senior should be able to retire with dignity. They should never be forced into considering selling their home because they cannot afford high property taxes in part because our existing homestead exemption for seniors is inadequate with runaway inflation eating away household budgets.”

CBS News reported approximately 66 million elderly Americans rely on Social Security to pay their bills. The Center for American Progress Action Fund noted the GOP has plans to cut Social Security.

Wheeler announced in a press release that he has introduced HB 5824, which is aimed at ensuring that senior citizens on fixed incomes do not lose their property tax exemptions to the effects of inflation. The bill would raise the income threshold for the Low-Income Senior Citizens Assessment Freeze Homestead Exemption from $65,000 to $73,700. Additionally, beginning in tax year 2024, the threshold would be indexed with the Consumer Price Index (CPI). The bill will be considered during the upcoming Fall Veto Session and could take effect in time for seniors to see the benefits in tax year 2023.

The National Council on Aging (NCOA) wrote that lower prescription drug costs in the Inflation Reduction Act will benefit the elderly community. NCOA noted the act will cap insulin costs at $35.

The U.S. Bureau of Labor Statistics issued the latest Consumer Price Index (CPI) Summary on Oct. 13, which found that prices increased by .4% in September, and the overall inflation rate stands at 8.2% for the last year. In the last year, the cost of food has increased by 11.2%, energy prices have risen by 19.8%, gasoline prices have risen by 18.2%, the cost of fuel oil has increased by 58.1%, the cost of new vehicles has risen by 9.4%, and the cost of transportation services has increased by 14.6%.

To learn more about the Inflation Reducation Act, visit the White House’s website.

Illinois' property tax rate is the second highest in the nation at 2.27%, behind only New Jersey, according to a June report by Rocket Mortgage. The owner of a $194,500 home in Illinois pays $4,942 annually in property taxes. 30 states have property tax rates lower than 1%.