News Round Up: May 15, 2023
Top Story: The Vermont House and Senate broke through an impasse and compromised on a method to finance a historic investment in the state’s childcare, while also maintaining the state’s new Child Tax Credit (CTC). Next, the bill will head to Gov. Phil Scott’s (R) desk. (VTDigger)
- Maine Janet Mills (D) proposed expanding the state Earned Income Tax Credit (EITC) from 25% to 50% of the federal rate as part of a change package that would amend LD 258, legislation that includes the remaining budget initiatives for FY 2024-25. (Fox 23 Maine)
- CASH Campaign of Maryland highlighted major wins from 2023’s state legislative session, including an expanded state EITC and a permanently established state CTC. (CASH Campaign of Maryland)
- Research indicates that millions of mothers face financial insecurity and have limited retirement savings due to the gender pay gap, leaving work to take on childcare during the pandemic, and several other challenges. Experts recommend that mothers estimate how much they need for retirement to help guide savings and to leverage tax credits, such as the EITC and CTC, to offset everyday costs. (Kiplinger)
- An NPR report found that Black Americans are audited three to five times more often than non-Black taxpayers, and they are more often audited for payments from the government, such as the EITC, than for unpaid taxes. (UA Little Rock Public Radio)
