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Weekly News Round-Up | Tax Credits for Working Families

Tax Credits for Working Families

Archive for the ‘Weekly News Round-Up’ Category

News Round-Up: April 21, 2014

April 21st, 2014

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

  • House Ways and Means Committee member Charles Rangel has introduced legislation to establish a new federal tax credit for renters, similar to a property tax circuit breaker.  (Center on Budget and Policy Priorities)

  • In honor of Tax Day, the Center on Budget and Policy Priorities (CBPP) released their top 11 federal tax charts, including graphs on how federal taxes push millions of workers into poverty, the Earned Income Tax Credit (EITC) benefits for workers who don’t have custody of children and Obama’s proposal to increase the federal EITC. CBPP also released their top six state tax charts, including a chart showing how many states’ poorest families pay the highest average tax rates and a chart showing states with EITCs. (CBPP 1,2)

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News Round-Up: April 15, 2014

April 15th, 2014

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

  • The Maryland legislature passed, and the governor is expected to sign, a bill to increase the refundable state Earned Income Tax Credit (EITC) from 25 to 28 percent of the federal credit over four years.  (HB198)

  • Missouri’s Senate Ways and Means Committee passed a bill to create a $400 per child tax credit for any parent filing taxes who makes less than $46,100 if filing individually or $92,200 if filing jointly with their spouse. The Missouri Budget Project spoke in favor of the bill before the committee. (Missouri Budget Project)

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News Round-Up: April 4, 2014

April 4th, 2014

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

News Round-Up: March 28, 2014

March 28th, 2014

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

News Round-Up: March 25, 2014

March 25th, 2014

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

  • Analysis from the Brookings Institution showed that under both the President’s proposal and proposals currently in Congress to expand the federal Earned Income Tax Credit (EITC) for workers without custodial children, millions of workers would receive a strengthened credit, at least 15 states would double the number of filers eligible for the childless worker credit and every major metro area would see thousands of workers benefit from an expanded EITC. (The Brookings Institution, The Washington PostTax Credits for Working Families)
  • Jason Furman, Chairman of the President’s Council of Economic Advisors, used comparisons between the official and supplemental poverty measures to show how much tax credits like the federal EITC and Child Tax Credit have done to reduce poverty and argue that they should be expanded again. (Democracy)

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News Round-Up: March 14, 2014

March 14th, 2014

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

News Round-Up: March 7, 2014

March 7th, 2014

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

  • President Obama released his 2015 budget Monday night, which includes an expansion to the federal Earned Income Tax Credit (EITC) for childless workers that would double the maximum credit to $1,000 from $500 and raise the income limit to qualify for the credit from less than $15,000 to about $18,000. The proposal would also allow childless adults aged 21 to 25 and 65 to 66 to qualify for the EITC. The President’s EITC expansion alone could benefit 13.5 million workers across the country. The budget also includes improvements to the federal Child Tax Credit and Child and Dependent Care Credit and would make the improvements to the Child Tax Credit and EITC permanent that currently are scheduled to expire at the end of 2017. (POLITICO, The Washington Post, RollCall, The Hill, Center on Budget and Policy Priorities 1,2)

News Round-Up: February 28, 2014

February 28th, 2014

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

  • A tax plan introduced Wednesday by House Ways and Means Committee Chairman Dave Camp is designed to simplify the nation’s tax code in part by scaling back and restructuring a number of tax credits and deductions that millions of low-income working families rely on, like the Earned Income Tax Credit (EITC) and Child Tax Credit. (The Washington Post, The New York Times, Politico 1,2, Roll Call, Tax Credits for Working Families)
  • While there are aspects of Rep. Camp’s tax plan that standing alone would be beneficial for some low-income workers, like an increased Child Tax Credit, analysts argue that his proposed cut to the EITC is so devastating that the changes to both credits combined would leave many struggling low-income families worse off than before. Politico’s Seung Min Kim pointed out that Rep. Camp’s plan would also require parents to have social security numbers to file for the Child Tax Credit, preventing the credit from helping the children of undocumented immigrants, many of whom are U.S. citizens.  (Center on Budget and Policy Priorities, On the Economy, Politico)

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News Round-Up: February 21, 2014

February 21st, 2014

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

  • On Wednesday, March 5, from 3:00-4:00 p.m. eastern time, Tax Credits for Working Families will host a webinar on the details of the President’s proposal to increase the federal Earned Income Tax Credit (EITC) for childless workers, its prospects on Capitol Hill and its potential impact on low-income workers. Click here to register.
  • U.S. Sen. Sherrod Brown has been lobbying for his Working Families Tax Relief Act, which would make recent federal EITC expansions permanent, increase the refund amount and make it easier for single taxpayers without dependent children to qualify for the credit. (The Hill, Cleveland.com)

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News Round-Up: February 14, 2014

February 14th, 2014

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

  • The IRS regulations that would improve the quality of the paid tax preparers that so many low-income working families rely on was struck down by an appellate court earlier this week. Those regulations would have required paid preparers to register, complete mandatory training and a competency exam, be certified and undergo continuing education to ensure preparers remain versed in the details of ever-changing tax laws. (Tax Credits for Working Families)

  • Sister Simone Campbell urged Congress to reject Senator Kelly Ayotte’s proposal to strip away the refundable Child Tax Credit that helps millions of children of taxpaying immigrant workers in low-wage jobs, to offset the cost of reversing cuts to military pensions. While her amendment was replaced with another funding source, other Republicans are likely to offer similar amendments to offset the costs of other proposals so the credit remains at risk. (Roll Call, Politico)

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