News Round Up: October 22, 2018
Here are some highlights from the past week’s news and upcoming events on family tax credit issues.
Top Story: U.S. Senator Kamala Harris (D-CA) proposed the “LIFT (Livable Incomes for Families Today) the Middle Class Act,” which will create a new refundable tax credit worth up to $3,000 for single filers earning less than $50,000 per year and up to $6,000 for families earning less than $100,000 per year. Students who receive Pell grants would be able to qualify for the credit and recipients could opt to receive the credit on a monthly or yearly basis. (Kamala Harris; Forbes)
- The Institute on Taxation and Economic Policy (ITEP) released the 6th edition of its landmark “Who Pays?” report, which finds that most state and local tax systems are regressive and place the heaviest tax burden on low- and middle-income families. According to the report, the states with the most equitable tax systems tend to offer deductions, exemptions and refundable tax credits for low-income workers.
- The Georgia Budget and Policy Institute released an updated report, “A Bottom-Up Tax Cut to Build Georgia’s Middle Class,” that makes the case for enacting a state-level refundable Earned Income Tax Credit (EITC).
- Sally Cline, president and CEO of the West Virginia Bankers Association, urged West Virginia lawmakers to use incoming internet sales tax revenue to enact a state-level EITC for low-income workers. (Charleston Gazette-Mail)
- We blogged about a new bipartisan report that examines the challenges facing America’s working families and recommends policy solutions such as expanding the EITC and increasing access to the Child and Dependent Care Credit. (TCWF)