This Week’s Must-Read: Tax Credit Expansion to Fight Poverty

Democratic Senators introduced legislation to fight poverty through tax credit expansion, proposed legislation aims to make child care affordable, and CFED releases a new fact file about credit’s impact on low- and moderate-income financial opportunity.

  • Democratic Senators have introduced a bill to fight poverty by creating transitional jobs and expanding the EITC and revising the CTC to allow families to receive more of the $1,000-per-child maximum.
  • Congresswoman Katherine Clark (D-MA) introduced the 21st Century Child Care Investment Act to help provide affordable child care through monthly tax credit programs.
  • CFED highlights several innovative programs offering Children’s Savings Accounts in New England that encourage children to see themselves as college goers and help save for the future.
  • The IRS offers tax breaks for military personnel, including boosting their EITC refund by giving them the option of including nontaxable combat pay in their taxable income.
  • Building credit is essential to asset development and financial security, but millions of Americans are excluded due to erroneous or poor credit.

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