News Round Up: July 6, 2021

Top Story:  A newly updated report from the Center on Budget and Policy Priorities (CBPP) analyzed data on how economic security programs, including the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), have reduced racial inequity and the overall poverty rate since 1970. (CBPP)

  • A new blog post from American Enterprise Institute (AEI) researcher Angela Rachidi explored which key investments in the country’s “care infrastructure” would most benefit working families, including expanding the Child and Dependent Care Tax Credit (CDCTC). (AEI)
  • A new report from the Center for American Progress recommended 12 policy solutions that Congress could use to cut poverty rates, including making expansions to the EITC and CTC permanent. (Center for American Progress)
  • A new blog post from the Urban-Brookings Tax Policy Center examined the benefits of monthly CTC payments, set to begin next week, and how families can reduce their risk of receiving overpayments and consequently owing taxes next year. (Tax Policy Center)
  • The White House released a fact sheet on the commitments it will make at the UN’s Generation Equality Forum, focused on advancing gender equity, including expanding the CTC. (White House)
  • Commonwealth of the Northern Mariana Islands Gov. Arnold Palacios signed legislation to restore the commonwealth’s EITC, which will be funded through the American Rescue Plan. (The Guam Daily Post)
  • The Maine state legislature approved a bipartisan budget last week that will expand the state EITC to 20% of the federal credit. (Maine Beacon)
  • Missouri Mike Parson signed major tax legislation that will establish a state EITC, known as the Missouri Working Family Tax Credit, which will be worth 10% of the federal credit and take effect in 2023. (KPVI)
  • New Jersey Phil Murphy signed the state’s budget package, which features expansions to the state EITC and CDCTC. (The Center Square)
  • A recent event hosted by Spotlight on Poverty and Opportunity and the American Academy of Political and Social Science highlighted evidence-based measures to reduce child poverty, including the CTC and EITC. Read our blog post.