News Round Up: February 9, 2021
The COVID-19 pandemic is disproportionately affecting low-income communities and exacerbating economic inequality across the country. Throughout this crisis, TCWF will compile news, legislation, and research on how tax credits and other income-boosting policies can provide much-needed relief for the hardest-hit communities.
Top Story: The Urban Institute analyzed President Biden’s recent proposal to expand the Earned Income Tax Credit (EITC) for workers without dependent children. Changes would include tripling the maximum value of the credit, expanding the eligible income range, and allowing workers ages 19 to 24 and over 65 to claim the credit. (Urban Institute)
- The Institute on Taxation and Economic Policy (ITEP) examined the significance of Biden’s proposal to expand the Child Tax Credit (CTC) and make the credit fully refundable, which would undo the historical limitations of the credit that left many children of color and low- and moderate-income families out. (ITEP)
- We blogged about a recent event hosted by Spotlight on Poverty and Opportunity, the Brookings Institution, and the American Enterprise Institute (AEI) that focused on anti-poverty policy proposals most likely to gain bipartisan support in coming months, including expanding the EITC and CTC. (TCWF)