Weekly News Roundup: November 2, 2015
Here are some highlights from the past week’s news 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 and/or state.
- Sen. Ted Cruz (R-Texas), a candidate for president, introduced his tax reform plan, which would cut income and business taxes while preserving the Child Tax Credit (CTC) and expanding the Earned Income Tax Credit (EITC) (Wall Street Journal, Forbes, Washington Post).
- Rep. Paul Ryan (R-Wis.) was elected Speaker of the House and announced he plans to push for tax reform in the next year. As chair of the House Ways and Means Committee, Ryan supported tax credits for working families (Politico).
- In the U.K., members of Parliament faced backlash over a controversial measure to dramatically reduce tax credits for working families. We wrote about what this may mean for U.S. lawmakers considering the renewal of expiring EITC and CTC provisions (TCWF, Financial Times, The Telegraph).
- The Refund to Savings initiative, a partnership between universities and Intuit Inc., found that tweaks to Turbo Tax software can effectively encourage taxpayers to put part of their tax refunds in a savings account (Wall Street Journal).
- Salon‘s Sean McElwee wrote about tax credits and their ability to draw support from both sides of the aisle (Salon).
- Republican presidential candidates on the campaign trail are struggling to address income inequality (New Yorker).
- Glenn Hubbard, a former chairman of the Council of Economic Advisers, encouraged all presidential candidates to discuss economic issues (Politico).