Tax Credits for Working Families

News Round-up: May 23, 2016

May 23rd, 2016

Here are some highlights from the past week’s news and upcoming events on family tax credit issues. Remember – you also can track news coverage throughout the week by visiting our RSS feed, where you can filter news by a specific credit or state.

  • The Oklahoma House voted to make the state’s Earned Income Tax Credit (EITC) non-refundable, which will decrease the size of or eliminate the credit entirely for more than 200,000 low-wage workers. Supporters of the bill say that cutting the credit is necessary to balance the state’s budget. But advocates for the EITC argue that the measure would only save $29 million from a $1.3 billion budget shortfall and that lawmakers should find other programs to reduce the deficit that are less harmful to low-income workers. The bill has already passed the state Senate and now heads to Gov. Mary Fallin (R) for her signature (Huffington Post, Public Radio Tulsa, Washington Times).

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Infographic: A More Equitable EITC for Childless Workers

May 19th, 2016

By Lauren Pescatore

ChildlessWorkersInfographicThere’s no denying the research. The Earned Income Tax Credit (EITC) is one of the most powerful tools we have to help keep low-wage workers and their families out of poverty. But the EITC does very little to help one specific group of low-wage individuals: “childless” workers, or those without dependent children.

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News Round-up: May 16, 2016

May 16th, 2016

  • The Oklahoma Senate Appropriations Committee passed a bill to eliminate the refundable portion of the state’s Earned Income Tax Credit (EITC). Policy groups, religious leaders and other advocates across the state are calling on lawmakers to preserve the credit’s refundability (Oklahoma Policy Institute, Tulsa World).
  • Democratic presidential candidate Hillary Clinton announced her plans to create tax credits and subsidies to lower the cost of child care across the country. Although the campaign has not released details of her proposal, the Center for American Progress, which has been advising Clinton on policy, has recommended creating a new child care tax credit, which could be worth up to $14,000 per child (Washington Post).

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New regulations to delay tax refunds could hurt low-income filers

May 13th, 2016

By Kate Skochdopole

Last December, President Obama signed into law a bipartisan bill that renewed expiring provisions of the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), ensuring that millions of low-income working families would not fall into or deeper into poverty in 2017.

But this bill also contained a measure that would require the IRS to wait until February 15 to issue tax refund checks each year. Although this new regulation would give the IRS more time to go over W-2 forms in order to reduce errors, it could harm the lowest-income families who rely on their tax refunds to make ends meet.

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News Round-up: May 9, 2016

May 9th, 2016

  • Rep. Rose DeLauro (D-Conn.) and Center for American Progress President Neera Tanden encouraged Congress to support the Young Child Tax Credit Act. The bill, which House Democrats introduced in March, would provide families who have a child under age three with a $1500 credit on top of their Child Tax Credit (CTC) (Huffington Post).
  • The Shriver Center released its annual poverty scorecard, which found that Congress is more divided than ever when it comes to anti-poverty policy (TCWF).

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New Scorecard Finds Congress is Divided on Anti-Poverty Bills

May 6th, 2016

By Kate Skochdopole
The Sargent Shriver National Center on Poverty Law released its annual Poverty Scorecard, which found that Congress is more polarized than ever when it comes to anti-poverty policy.
The Scorecard, which gives each member of Congress a grade based on their support of major anti-poverty legislation, found that Congress is almost completely divided when it comes to legislation that benefits low-income families. Ninety-five percent of senators and 98 percent of House members received a score of A, D, or F meaning that the vast majority of Congress is either strongly for or strongly against these bills.

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News Round-up: May 2, 2016

May 2nd, 2016

TOP STORY: A new study by the Progressive Policy Institute finds that many paid tax preparers take advantage of low-income workers who are eligible for the Earned Income Tax Credit (EITC), charging steep fees for often poor quality service (Accounting Web). By contrast, Volunteer Income Tax Assistance (VITA) programs help low-wage workers file for the EITC free of charge and with almost near-perfect accuracy (TCWF).

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Missouri May Soon Have Its Very Own EITC

April 28th, 2016

By Kate Skochdopole

Lawmakers in Missouri are closer than ever to enacting a state-level Earned Income Tax Credit (EITC).

HB 1605, which the House is considering, would create a nonrefundable EITC equal to 20 percent of the federal credit. State advocates estimate that the bill would help as many as 515,000 Missouri families become financially stable.

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News Round-up: April 25, 2016

April 25th, 2016

Here are some highlights from the past week’s news and upcoming events on family tax credit issues. Remember – you also can track news coverage throughout the week by visiting our RSS feed, where you can filter news by a specific credit or state.

  • Rep. Mike Coffman (R-Colo.) introduced a bill that would expand the federal EITC for  childless workers. The Enhancing Advancement, Reducing Noncompliance and Improving Trust (EARN IT) Act not only increases the maximum EITC for filers without dependent children, but also lowers the eligibility age from 25 to 21 (Ripon Advance).
  • We wrote about a new podcast episode from the Scholars Strategy Network that examined how Americans really feel about paying taxes (TCWF).

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Despite Negative Rhetoric, Most Americans Think Taxes Are a Good Idea

April 21st, 2016

Most Americans are agreeable to the idea of paying taxes, and many would even support paying more to improve the services they care about, according to a recent episode of “No Jargon,” a weekly podcast from the Scholars Strategy Network.

The episode featured Vanessa Williamson, a fellow at the Brookings Institution, who discussed how many Americans may grouse about their tax forms every April but, when surveyed, actually think they pay the right amount in taxes and would not mind paying more if their dollars funded programs like education and infrastructure.

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