Editorials Dreamstime | TNS April 19, 2019 12:00 pm This week, millions of Americans filed their annual income tax returns with the Internal Revenue Service. Even with tax day behind us, debate continues about the effects of tax law changes passed by Congress in 2017. But, one thing remains the same: The Earned Income Tax Credit is one of the most effective ways to put needed money into the hands of the nation’s working poor. Expanding the credit — and making sure eligible Americans know about it — can be an important tool to reduce poverty, especially for children. The federal credit removes more children from poverty than any other program, Hilary W. Hoynes, a professor of public policy and economics at the University of California at Berkeley, wrote in a 2014 article. In addition to putting cash into the hands of millions of working families, the credit has dramatically increased employment among single women with children. “The EITC, clearly the … [Read more...] about Want to reduce poverty? Expand the Earned Income Tax Credit.
Earned income tax credit
Tony Leys Des Moines Register Published 2:18 PM EDT Apr 17, 2019 SIOUX CITY, Ia. — Sen. Cory Booker explained to Iowans this week how he would use trillions of federal dollars to help working Americans. The New Jersey Democrat barnstormed the western half of the state, talking up his proposal to fight poverty by making millions more Americans eligible for the federal earned income tax credit. The program boosts workers' income by up to $6,500 per year. “It’s a direct support for working families,” the presidential candidate told voters in Sioux City. The proposal is different from most previous tax cuts, which gave most relief to wealthy people while promising that benefits would “trickle down” to those below, he said. "That is broken economics," he said. Unlike many credits, the earned income tax credit can be claimed even by Americans who make too little money to pay federal income taxes. It amounts to a refund check. … [Read more...] about Election 2020: Cory Booker explains earned income tax credit to boost workers pay
Susan Tompor Detroit Free Press Published 6:00 AM EST Feb 6, 2019 The Earned Income Tax Credit is the biggest single check many working families see in a year. But they have to file a tax return — and be aware of the credit — to get the money. Three years ago, low- to moderate-income households in Detroit left upwards of $80 million in unclaimed money by not claiming the credit. It was estimated that about 26,000 Detroit households were eligible for the credit but did not file tax returns to apply. After a targeted awareness campaign that began in 2017, though, city officials say an average of 13,500 more Detroit residents each year have claimed their EITC. On average, $63 million more is being claimed each year. About $300 million has been claimed on average annually for the 2016 and 2017 tax years by Detroiters. The average EITC Refund: $4,600. The amounts represent a combination of state and federal earned income tax credits. Nearly 88,000 returns … [Read more...] about Earned Income Tax Credit: What it’s worth, who qualifies
Once again, a movement is afoot for a big raise in Missouri’s minimum wage, despite clear evidence that such increases fail to help many they’re intended to benefit — including heads of households who work full-time but don’t earn enough to comfortably support their families.Free markets are the greatest engine for wealth creation that the world has ever seen, but that doesn’t mean there won’t be market failures, and that doesn’t mean the poor won’t be among us. People who are physically limited or whose skills only qualify them for an entry-level job might not be able to earn enough to adequately support a family, and that should concern all of us.But the best antipoverty program is a good job, and if we want an economic environment that maximizes employment, centralizing wage control is not the way to get there.And that’s the problem with increasing the minimum wage. In many cases, raising the cost of labor to employers cuts off … [Read more...] about GUEST COMMENTARY: To help poor, earned income tax credit better than minimum wage hike
FILE - Senate President Wayne Niederhauser, R-Sandy, speaks at the Utah State Capitol in Salt Lake City on Wednesday, Nov. 1, 2017. Legislative leaders are planning a last-minute addition to Wednesday's special session agenda that would set aside $22 million to give Utahns with children a break on their state income taxes. Related Link Herbert announces inland port compromise, calls special session for Wednesday SALT LAKE CITY — Legislative leaders are planning a last-minute addition to Wednesday's special session agenda that would set aside $22 million to give Utahns with children a break on their state income taxes. "We're dealing with all these corporate issues and business issues. We're doing online sales tax. We need to address family issues at the same time," Senate President Wayne Niederhauser, R-Sandy, said. Details of the proposal, including the size of what is expected to be a child credit on state income tax filings, were still being worked out … [Read more...] about Utah legislative leaders plan to add child tax credit to special session agenda