This Week’s Must-Read: EITC Expansion for Childless Workers
ITIN holders may have to renew their numbers for the upcoming tax season, the Center for American Progress reports on societal benefits of an EITC expansion for childless workers, and the Center on Budget and Policy Priorities advocates for strengthening the Child Tax Credit for the poorest young children.
- CFED explains why the EITC refund delay might not be so terrible and how VITA sites can prepare taxpayers.
- Under the PATH Act, the IRS will require many ITIN holders to renew their numbers. Certain ITIN holders who have not used their ITIN on a federal tax return in the last three years can begin to renew in October.
- A Center for American Progress report explains how an EITC expansion for childless workers would save money and increase public safety.
- West Virginia Center on Budget and Policy is pushing for a state EITC to put more money into the economy. Similarly, Head of the Lakes United Way argues for EITC expansion to help lift Minnesotans out of the high levels of poverty seen in the state.
- The Center on Budget and Policy Priorities released a report urging policymakers to strengthen the CTC for the poorest young children, as those families currently qualify for a small CTC or no tax credit at all.
- The safety net lifts large numbers of people out of poverty in every state. During the recession, the safety net reduced poverty by more than half in 41 states.
- Employers need to help employees achieve financial stability by offering financial capability services. A lack of savings and financial stress lead to a loss in productivity for employers.
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