News Round Up: November 13, 2023

Top Story: The U.S. Department of Agriculture reported that about 3.5 million more U.S. households faced food insecurity in 2022 than in 2021. Policy experts are attributing the significant uptick to the rising cost of living and the end of safety net enhancements, such as the 2021 expanded federal Child Tax Credit (CTC). (Business Insider)

  • The DC Fiscal Policy Institute (DCFPI) released a report that discusses how taxing capital gains can reduce the city’s racial wealth gap and support public programs, such as the local CTC, that benefit low- and middle-income households. (DC Fiscal Policy Institute)
  • The Institute on Taxation and Economic Policy (ITEP) urged lawmakers to prioritize expanding the federal CTC as part of the year-end tax package as corporate lobbyists push to extend expired business tax breaks. (Institute on Taxation and Economic Policy)
  • The Center on Budget and Policy Priorities (CBPP) highlighted the significance of prioritizing an expanded federal CTC and ensuring that the expansion maximizes the number of children and families reached. (Center on Budget and Policy Priorities)
  • The Internal Revenue Service (IRS) recently increased the maximum federal Earned Income Tax Credit (EITC) amount from $7,430 during tax year 2023 to $7,830 for tax year 2024 as part of its annual tax inflation adjustments. (Internal Revenue Service)
  • Every week, Tax Credits for Workers and Their Families (TCWF) spotlights one of several partner organizations and the remarkable work happening within their respective states. This week we highlight Policy Matters Ohio’s efforts to promote expanding the state EITC and enacting the Thriving Families Tax Credit (TFTC), which offers a refundable state CTC valued at $1,000 per year for children 5 and younger, and $500 for children ages 6-17. (Policy Matters Ohio)
  • #ICYMI: TCWF highlighted how the 2021 expanded federal CTC reduced mental health concerns among adults of color, and how re-expanding the tax credit could revitalize benefits that ensure all adults and parents have the support needed to care for themselves and their families. (Tax Credits for Workers and Their Families)
  • #ICYMI: TCWF emphasized how increased awareness and expanded access to federal and state tax credits can provide survivors of domestic abuse with a financial lifeline to leave abusive relationships or manage a new life outside of one. (Tax Credits for Workers and Their Families)