News Round Up: November 16, 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: Forbes senior contributor Tony Nitti outlined the key tax changes Americans could see under President-elect Joe Biden’s administration, such as expansions to the value and eligibility of the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), and Child and Dependent Care Tax Credit. (Forbes)
- Ken McVay, communications director of United Way of Northwest Florida, urged Congress to expand the federal Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) for workers without dependent children to boost their incomes and stimulate the economy during an economic recession. (Panama City News Herald)
- A new report from the Center on Budget and Policy Priorities (CBPP) examined the urgent need for federal COVID-19 relief as more Americans struggle to make ends meet and stay afloat. (CBPP)