(Ohio) – U.S. Senator Sherrod Brown is focusing his attention on a proposal that would benefit 4 million Ohioans, including 1.7 million children in the state.
The Working Families Tax Relief Act would cut taxes for workers and families by expanding the Earned Income Tax Credit and Child Tax Credit. The proposal was submitted earlier this month.
EITC and CTC are two of the most effective tools designed to put money in the pockets of working people and pull children out of poverty, according to reports. The bill also allows workers to draw a $500 advance payment on their EITC so that families aren’t forced to turn to predatory payday lenders when the car breaks down or other unexpected expenses arise.
The Working Families Tax Relief Act would also cut taxes for workers and families. “At the end of the day, kids are our future,” explained Brown. “It’s so important that we invest in our nation’s youngest learner, and we can’t do that without supporting the families that are raising them.”
Line items included in the Working Families Tax Relief Act:
- Boos the incomes of 46 million households and 114 million people, including 43 million children.
- Lift 7 million people out of poverty, including 3 million children.
- Expand EITC for families with children y roughly 25 percent.
- Allow workers to draw a $500 advance payment on their EITC.
- Significantly expand the ETIC for workers without children and make the credit available for people starting at age 19 and up to age 67.
- Make the CTC fully refundable.
- Create a Young Child Tax Credit to provide extra support to children five and under.
Reports indicate more than 80 national organizations have endorsed the bill.