Newspaper article Sarasota Herald Tribune

Low-Income Workers Deserve Tax Credits | Congress Should Make Federal Benefits Permanent

Newspaper article Sarasota Herald Tribune

Low-Income Workers Deserve Tax Credits | Congress Should Make Federal Benefits Permanent

Article excerpt

OUR VIEW

Congress is about to engage in its perennial dust-up over the budget, the debt ceiling and tax reform. Among the changes being proposed are making permanent such tax provisions as business credits for research and experimentation costs and mortgage insurance premium deductions.

As this complex and contentious debate gets underway, it's essential that two crucial benefits for low-income working Americans don't get lost in the shuffle.

Key provisions of those benefits, the Earned Income Tax Credit and the Child Tax Credit, are scheduled to expire in 2017. Congress should act now to make permanent those critically important credits.

As pointed out in a Herald-Tribune guest column last week by local United Way executives Suzanne McCormick and Phil Brown, the EITC and the CTC "are two of our nation's strongest tools to promote work and help families build a secure future."

The United Way is not alone in its call to save these vital tax credits. Dozens of charities, faith-based groups and civic organizations have written Congress to support preserving and expanding the benefits of the EITC and the CTC.

Working families with children that have annual incomes below about $39,000 to $53,000 may be eligible for an Earned Income Tax Credit. The amount of the credit depends on one's income, marital status and the number of dependent children. Workers with no children and incomes below $14,800 ($20,300 for married couples) can receive a very small EITC, according to the nonpartisan Center on Budget and Policy Priorities.

The Child Tax Credit provides up to $1,000 per dependent child, depending on the family income.

Unless Congress extends or makes permanent important provisions of the two credits, according the Center on Budget and Policy Priorities:

None of the earnings of a full-time, minimum-wage worker would count toward the CTC, because the credit's earnings exclusion (the amount of earnings ignored in determining eligibility) will increase nearly fivefold, from $3,000 to $14,600. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.