News Round Up: June 22, 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: The U.S. House Ways & Means Committee held a virtual hearing on tax relief policies to support workers and families during the COVID-19 pandemic. The hearing included testimony from tax and economic policy experts, who recommended Congress expand the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) to aid American working families. (House Ways & Means)
- The Institute on Taxation and Economic Policy (ITEP) released national and state-by-state data on how the changes to the EITC and CTC in the federal HEROES Act would impact each income bracket. (ITEP)
- Samantha Waxman, policy analyst at the Center on Budget and Policy Priorities (CBPP), recommended states tap into their rainy day funds to address current and future budget shortfalls due to the COVID-19 pandemic, which will allow them to maintain anti-poverty programs, give them time to enact policies that put families first, and keep the state economy afloat. (CBPP)
- The New York Times released new data charts examining racial disparities in employment, income, wealth, and home ownership, and how COVID-19 will exacerbate these inequities for Black Americans. (The New York Times)
- A CBPP analysis of new Census Bureau data found that since the start of the COVID-19 pandemic, the number of individuals with family earnings below the poverty line has increased significantly, particularly among Black and Latino households. (CBPP)
- Vox analyzed how the current economic recession is having a disproportionate impact on working women, particularly women of color, who are overrepresented in sectors of the economy that were hit hardest by COVID-19. (Vox)
- Moe Hickey, CEO of Voices for Utah Children, urged Utah lawmakers to invest in policies that reflect the state’s family values, such as the EITC, which would lift families out of poverty. (The Park Record)
- Join the Get it Back Campaign on Tuesday, June 23 for a webinar on tools and strategies to help conduct economic impact payment outreach in your community. Register here.
- Join the Asset Funders Network on Tuesday, June 30 for a webinar on what it will take to center women of color in health and economic relief, recovery, and rebuilding plans. Register here.