Weekly News Round-up: April 18, 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 website, where you can filter news by a specific credit or state.
- Senators Cory Booker (D-NJ) and Jerry Moran (R-KS) announced a bipartisan plan – the Refund to Rainy Day Savings Act – to give workers the option to increase the amount of their Earned Income Tax Credit (EITC) and other tax refunds by putting a portion of the payment into savings (The New York Times, CFED, TCWF).
- Despite strong momentum throughout the legislative session, a bill to expand Maryland’s EITC for childless workers did not pass after it was coupled with a costly proposal to increase tax breaks for higher-income earners (Baltimore Sun).
- A new report detailed how working families in Arkansas could benefit from a state-level EITC (Arkansas Advocates for Children and Families).
- The Georgia Budget and Policy Institute explained how a state-level EITC could help offset the disproportionately high tax burden placed on low and middle-income Georgians (GBPI).
- Time’s Haley Sweetland Edwards examined whether the influx of refunds around tax time encourages taxpayers to spend or save and how their decisions might benefit the economy (Time).
- A blog from the Institute of Family Studies took a look at how administering the EITC in an annual lump sum contributes to the boom and bust financial cycles of many low-income families (Family Studies).
- Chris Edwards, director of tax policy at the Cato Institute, wrote about how tax code complexity is negatively affecting filers (Time).