News Round Up: November 2, 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 contributor Marie Sapirie compared Democratic presidential nominee Joe Biden’s plan to expand the Child Tax Credit (CTC) with the changes made to the credit under the Tax Cuts and Jobs Act, noting that the CTC is one of the only areas of agreement between Biden and President Trump. (Forbes)
- New Jersey Governor Phil Murphy’s administration is making a concerted effort to raise awareness of the state’s Earned Income Tax Credit (EITC) among filers who are at risk of overlooking it. The state’s Treasury created an EITC video and other promotional materials to help get the word out. (NJ Spotlight)
- The IRS published new income tax brackets and phaseouts for 2021, including information for the Child Tax Credit and Earned Income Tax Credit. (Forbes)
- Leila Pedersen, policy analyst at the North Carolina Budget & Tax Center, noted that the state’s “Extra Credit Grants” program leaves out families with the greatest need for financial support and made the case for enacting a refundable state EITC to reach a broader group of working families who have been hit hard by COVID-19. (NC Policy Watch)