News Round Up: December 5, 2022
Top Story: As discussion continues around year-end tax legislation, a recent report by The Hamilton Project shares next steps for the federal Child Tax Credit (CTC), including the feasibility of reimagining the credit as a spending program delivered by the Social Security Administration and expanding the credit to reach all children in poverty. (Brookings Institution)
- An opinion piece by Joe Hughes and Brakeyshia Samms from the Institute on Taxation and Economic Policy discusses how expanding the federal CTC could advance racial equity. The 2021 CTC expansion disproportionately helped children and families of color who, under the previous CTC, were ineligible for the full credit due to falling under the minimum income level. (Bloomberg Tax)
- The Center on Budget and Policy Priorities (CBPP) sheds light on the importance of an expanded federal CTC for rural families who are disproportionately affected by poverty and are often ineligible for the full credit due to low earnings. (CBPP)