Benefits of preserving and extending tax credits for families
Billions of dollars of tax breaks are about to expire for both businesses and families. Congress is actively advancing a package of more than $400 billion worth of tax credits for some of the nation's largest corporations, but tax breaks for families should also be part of that package.
Critical parts of the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), tax credits that boost wages for low - and moderate - income working families, are set to expire soon. If they are not renewed, more than fifty million low-income Americans - including 25 million children - could see sharp cuts in their income, making it more difficult to make ends meet and, for some, triggering a fall into poverty.
If these tax credits expire, working families in every state in the nation will be harmed. As part of their Middle Class Prosperity Project, Sen. Elizabeth Warren (D-MA) and Rep. Elijah Cummings (D-MD), ranking member Ranking Member of the House Committee on Oversight and Government Reform, released reports on the impact of expiring tax credits in the largest metro areas of each state.
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