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Speaker Pelosi’s #COVID19 economic relief proposal includes critical temporary improvements in the Child Tax Credit and EITC, providing well-timed and effective stimulus and helping avoid a dramatic poverty spike.
Thread http://bit.ly/2ztDn2x
Thread http://bit.ly/2ztDn2x
CBO projects that the unemployment rate next year will average 10.1%. This projected deep economic weakness means that additional and aggressive fiscal policy measures will be needed for an extended period of time in order to strengthen demand in the economy.
The bill’s one-time expansion of the Child Tax Credit & the EITC for tax year 2020 would deliver effective stimulus, providing funds in early 2021, when unemployment is expected to still be very high, to millions of low-income people.
The proposal would make the Child Tax Credit fully available next winter and spring to the 27 million children in low-income families who currently receive a partial tax credit or no credit at all because their incomes are too low. http://bit.ly/2ztDn2x
Many of the families that would benefit from a fully available Child Tax Credit perform important work, often for low pay and few benefits. The current crisis has made it clear how essential their work is. http://bit.ly/2ztDn2x
The bill recognizes that 1 way to help avoid a 
in #poverty is to stop taxing low-wage workers into poverty. Today, the federal tax code taxes about 5.8M childless workers into/deeper into poverty because the EITC is too small to offset their federal income & payroll taxes.
in #poverty is to stop taxing low-wage workers into poverty. Today, the federal tax code taxes about 5.8M childless workers into/deeper into poverty because the EITC is too small to offset their federal income & payroll taxes.
The Speaker’s proposal also includes an important bipartisan EITC modification allowing people to use either 2019 or 2020 income when calculating their EITC. This protects people from a double hit of losing both wages & part or all of their EITC. http://bit.ly/2SYEgai
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