News Round Up: October 12, 2020
The COVID-19 pandemic is disproportionately affecting low-income communities and exacerbating economic inequality across the country. Throughout this crisis, TCWF will compile news, legislation, and research on how tax credits and other income-boosting policies can provide much-needed relief for the hardest-hit communities:
Top Story: We released a new video on how the federal Earned Income Tax Credit and its state-level counterparts help working families stay afloat. (TCWF)
- Vox analyzed three key tax proposals introduced or endorsed by Democratic presidential nominee Joe Biden and found that the policies could reduce poverty by 50 percent if they are combined. (Vox)
- The Internal Revenue Service (IRS) extended the deadline to claim federal Economic Impact Payments to November 21, 2020 for workers that do not usually file federal tax returns. (Forbes)
- U.S. Representative Kendra Horn (D-OK-05) announced her “Workers Tax Cut Plan,” which would increase the maximum EITC by $1,500 and expand the number of eligible households by 50 percent. Representative Horn plans to introduce legislation for her plan in the 117th Congress. (Congresswoman Kendra Horn)
- Chicago Mayor Lori Lightfoot announced the “Together We Rise” initiative, which will work to create a local EITC as part of a set of policies and business practices intended to create economic equity for those most impacted by the COVID-19 economic recession. (ABC 7 Chicago)