Jessica Barba Brown, vice president of program development for Faith in Public Life, explains why proposals to cut tax credits like the Earned Income Tax Credit and the Child Tax Credit would be devastating to low income working families.
A new report from the Center on Budget and Policy Priorities sums up recent research and finds that children of Earned Income Tax Credit recipients do better in school, are more likely to attend college, and earn more as adults.
A recent Gallup survey shows that most Americans believe a family of four needs at least $60,000 a year to “get by,” indicating that they understand the importance of the Earned Income Tax Credit in helping the low-income families who collect it make ends meet.
Highlights from this week include the Iowa House and Senate agreeing upon a tax plan to double the state’s EITC from 7% to 14% of the federal credit in tax year 2013, and increase the credit to 15% in 2014. Missouri Gov. Nixon vetoed a bill this week to end the renters’ portion of the state’s “Circuit Breaker” Property Tax Credit, and New York Mayor Bloomberg announced a pilot program to expand the city’s EITC for low-income single workers without dependent children.