Weekly News Round-up: May 23, 2016
May 23, 2016Print
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- The Oklahoma House voted to make the state’s Earned Income Tax Credit (EITC) non-refundable, which will decrease the size of or eliminate the credit entirely for more than 200,000 low-wage workers. Supporters of the bill say that cutting the credit is necessary to balance the state’s budget. But advocates for the EITC argue that the measure would only save $29 million from a $1.3 billion budget shortfall and that lawmakers should find other programs to reduce the deficit that are less harmful to low-income workers. The bill has already passed the state Senate and now heads to Gov. Mary Fallin (R) for her signature (Huffington Post, Public Radio Tulsa,Washington Times).
- Lawmakers in Minnesota have passed a tax bill that would expand the state’s Child and Dependent Care Tax Credit (CDCTC) and EITC, which is called the Working Family Credit in Minnesota. Gov. Mark Dayton (D) is expected to sign the legislation later today (Minneapolis Star Tribune).
- The IRS inspector general reported that improper payments of the EITC could be reduced if Congress gave the IRS adequate funding to improve taxpayer services and tax preparer regulations (The Hill, The Fiscal Times).
- Vox’s Dylan Matthews wrote about universal child benefit programs that provide a basic income to families with children in many European countries and have dramatically reduced child poverty (Vox).