News Round Up: September 28, 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 New Jersey Senate Budget and Appropriations Committee and House Appropriations Committee passed legislation to lower the age of eligibility for the state Earned Income Tax Credit (EITC) from 25 to 21, a move that will benefit approximately 57,800 state workers. The legislation now heads to the full House and Senate for consideration. (New Jersey 101.5)
- A new report from Citigroup recommended ways policymakers can close racial wealth gaps such as expanding the federal EITC and Child Tax Credit. (Citigroup)
- Join Arkansas Advocates for Children & Families on Wednesday, September 30 for a discussion about the connection between health and wealth, and how a state EITC would improve health outcomes for low-income families. Register here.
- A new poll from NPR, the Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health found that 46 percent of Americans are having serious financial problems and almost one third of respondents have depleted their savings during the COVID-19 pandemic. (NPR)