What Paul Ryan’s New Role Could Mean for the Earned Income Tax Credit
By Kate Skochdopole
Rep. Paul Ryan (R-Wis.), recently elected the Speaker of the House, is in a newfound position of power to bring about comprehensive tax reform.
Ryan, the former chairman of the House Committee on Ways and Means and Committee on Budget, joined the ranks of prominent Republican EITC supporters in 2014 when he introduced Expanding Opportunity in America, a draft budget that included a provision to double the EITC for childless workers and lower the age of eligibility from 25 to 21. This plan was almost identical to a plan President Obama released last year.
A high-level Republican staffer told Politico that reforming the tax code is Ryan’s top legislative priority as Speaker and since he now has control over the House’s legislative agenda, comprehensive tax reform could be on the horizon.
As vital provisions of the EITC and Child Tax Credit (CTC) are scheduled to expire in 2017 and more than 50 million Americans face a tax increase, Ryan can’t afford to wait too long.