News Round Up: April 8, 2024
Top Story: The U.S. Senate is at an impasse over advancing a bipartisan tax bill that would increase the federal Child Tax Credit (CTC). Sen. Ron Wyden (D-OR) offered to remove a provision in the tax package that faced opposition from Senate Republican leaders in exchange for a higher refund return. However, the offer was rejected. The continued stalemate makes the future of the tax package uncertain. (Route Fifty)
- #ICYMI: In recognition of National Social Work Month, Tax Credits for Workers and Their Families (TCWF) underscored social workers’ crucial role in aiding underserved populations and shared how strengthening tax credits can support social workers in their efforts and improve community welfare. (Tax Credits for Workers and Their Families)
- #ICYMI: TCWF shared insights from the Institute on Taxation and Economic Policy’s (ITEP) response to President Biden’s State of the Union speech and emphasized the need for bipartisan cooperation and evidence-based policymaking to address economic inequalities, which includes re-expanding the federal CTC. (Tax Credits for Workers and Their Families)
- A recent report indicates that New Yorkers are widely benefiting from their tax filings following the rollout of a new Internal Revenue Service (IRS) pilot program that helps eligible filers claim tax breaks. (FingerLakes1)
- PolicyLab at the Children’s Hospital of Philadelphia (CHOP) released a study that suggests programs such as guaranteed basic income and tax credits can help decrease economic stress and financial burden on parents and, as a result, mitigate cases of child abuse and neglect. (Business Insider)
- The Center on Budget and Policy Priorities (CBPP) reported that, as the bipartisan House tax bill stalls in the Senate, Sen. Mike Crapo (R-ID) proposed alternative policy changes that would consequently increase child poverty. (Center on Budget and Policy Priorities)
- ITEP spotlighted three localities – New York City; Montgomery County, MD; and San Francisco, CA – that are investing in their communities by boosting after-tax incomes through refundable local Earned Income Tax Credits (EITC). (Institute on Taxation and Economic Policy)