JUST RELEASED: Congress must extend key provisions of tax credits for working families
The Earned Income Tax Credit and Child Tax Credit help moms do the best for their kids. It’s essential for working moms and their children that (1) Congress makes permanent key provisions of these federal tax credits and (2) state lawmakers restore the state EITC they allowed to expire in 2013. The stakes for these families are high. In North Carolina, more than 520,000 families would be affected with more than 1 million children harmed by the loss of these important credits. To learn more, read analysis from the Center on Budget & Policy Priorities here.
Read on for analysis from BTC's Tazra Mitchell about how these credits impact families, particularly women and veterans.
IN FOCUS: Three-Month Time Limit for SNAP
The Center on Budget & Policy Priorities reports that: “Roughly 1 million of the nation’s poorest people will be cut off SNAP (formerly known as the Food Stamp Program) over the course of 2016, due to the return in many areas of a three-month limit on SNAP benefits for unemployed adults aged 18-50 who aren’t disabled or raising minor children. These individuals will lose their food assistance benefits after three months regardless of how hard they are looking for work.” Check out more here.
ABOUT OUR FEDERAL BUDGET & TAX WORK
State level decisions are often impacted by what is going on at the federal level. Particularly important in the current federal debate with significant implications for North Carolina are discussions of deficit reduction and tax policy, most specifically the Bush Tax Breaks.
Federal Tax Policy – The country, like the state, is in need of revenue reform that can improve the alignment of the tax system with ability to pay and ensure that investments can be made to support the economic recovery and a strong economy moving forward. Key to progressive federal revenue reform will be eliminating the Bush-era tax cuts for those earning more than $250,000. The Budget and Tax Center analyzes the federal tax system, its progressivity and adequacy, and how it impacts North Carolinians.
Deficit Reduction – Deficit reduction has been a significant part of the public debate in recent years. The Budget and Tax Center analyzes deficit reduction proposals with an eye to their impact on North Carolina and communicates with and informs partners and North Carolinians about the importance of these federal discussions to their everyday lives.