This Week’s Must-Read: Watch Out, Payday Lenders

The federal government proposed rules to regulate payday lenders and politicians call for an expansion of the Earned Income Tax Credit (EITC).

  • The Consumer Financial Protection Bureau proposed a new set of rules to regulate shorter-term loans that could dramatically shrink the industry and help borrowers suffering from spiraling debt.
  • Sandy Levin (D-MI) and Sen. Sherrod Brown (D-Ohio) call to expand the EITC.
  • Authors argue for a higher income threshold and inclusion of self-employment income for California’s EITC.
  • Harold M. Metts (D-RI) is sponsoring legislation to expand Rhode Island’s refundable EITC to 30 percent of the federal credit.
  • The Huffington Post gives insight into tax planning strategies surrounding higher education and graduation.

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