News Round-up: October 31, 2016
Here are some highlights from the past week’s news and upcoming events on family tax credit issues.
- With just over a week until Election Day, experts are examining what tax code reforms proposed by Donald Trump and Hillary Clinton would mean for working families (Washington Post, Pacific Standard, Christian Science Monitor). The Tax Foundation created a tool that calculates how an individual’s tax burden would increase or decrease under Trump and Clinton’s tax plans (MarketWatch).
- Earned Income Tax Credit (EITC) refunds will be delayed for many low-income workers in the 2017 tax season as new IRS regulations intended to reduce improper refund payments kick in. Mark Steber, chief tax officer for Jackson Hewlitt Tax Service Inc., explained the policy behind these regulations (Huffington Post).
- Despite working 60 hours per week and earning barely minimum wage, Manilan Houle, a young worker from Minnesota, is ineligible for the EITC because he is not yet 25 and is not raising children. Manilan shared his story in a Duluth News Tribune op-ed and urged Congress to expand the EITC to help younger workers like himself build financial stability (Duluth News Tribune).
- The Christian Science Monitor explored current child care policies – particularly the Child and Dependent Care Tax Credit (CDCTC) – and outlined how the presidential candidates have proposed to improve them (Christian Science Monitor).
- State lawmakers in New Jersey voiced their support for federal proposals to expand the EITC to workers not raising children (com).