News Round Up: July 20, 2020
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: Colorado Governor Jared Polis (D) signed legislation to increase the value of the state’s Earned Income Tax Credit (EITC) and make the credit more inclusive by expanding eligibility to filers with Individual Taxpayer Identification Numbers (ITINs). (TCWF)
- Prosperity Now released a new report that recommended policies to turn the federal tax code into an engine of racial and economic equity, such as expanding the federal EITC. (Prosperity Now)
- A diverse group of conservative scholars and leaders urged Congress to expand the federal EITC and Child Tax Credit (CTC) to help working families during the COVID-19 pandemic. (Institute for Family Studies)
- Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities (CBPP), outlined why Congress should expand the federal EITC to workers without dependent children. (CBPP)
- Kris Cox, senior tax policy analyst at CBPP, shared why the federal CTC should be made fully refundable in the next federal COVID-19 relief package, a move that would benefit an estimated 6 million women of color. (CBPP)
- A new CBPP policy brief outlined how state officials can help almost 12 million people receive their Economic Impact Payments through targeted outreach campaigns. (CBPP)
- New Jersey Policy Perspective (NJPP) released a new report outlining how the state’s tax code could be more inclusive by expanding the state’s EITC to ITIN filers, which would benefit approximately 54,100 households. (NJPP)
- On a July 22 webinar at 3:00 p.m. ET, the Massachusetts Budget and Policy Center and the Economic Security Project will present a new report on significantly expanding the state EITC to provide a guaranteed income for Massachusetts. Click here to register.
- We blogged about Tax Day 2020 and why the EITC is a critical policy for low-income families, particularly during the COVID-19 pandemic. (TCWF)