For Immediate Release: April 10, 2019
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New Proposal Gives Needed Boost to New York’s Working Families
(Albany, NY) New York’s Fiscal Policy Institute welcomed Senator Chuck Schumer and Senator Kirsten Gillibrand’s sponsorship of the Working Families Tax Relief Act– legislation that would begin to fix our tax laws to help working people with low-wage jobs make ends meet as they work to support themselves and their families. Introduced today the proposal would strengthen the highly successful Earned Income Tax Credit (EITC) for working families with children and working people without children at home, ensure that millions of poor children aren’t left out of the Child Tax Credit (CTC), and boost the CTC for families with very young children.
Statement from Ron Deutsch, Executive Director, Fiscal Policy Institute:
New York’s low-income working families are struggling to stay afloat as costs have risen faster than their pay over several decades. The Working Families Tax Relief Act would give working people a fair shot to get ahead and help low-income parents give their children a good start in life.”
In New York State, this proposal would make 2,619,000 households more financially secure, benefiting more than 6,534,000 including 2,741,000 children. It would benefit low- and middle-income New Yorkers of all races, including 1,186,000 white families, 513,000 Black families, 609,000 Latinx families, and 243,000 Asian American families.
The proposal stands in stark contrast to the 2017 tax law, which was heavily tilted in favor of corporations and the wealthy. For example, under the Working Families Tax Relief Act, a single mom of two earning $20,000 a year would get a $3,700 boost to her income. And, a married couple with two young kids making $45,000 a year would get a $3,500 boost.
For working families, this would mean more money for basic necessities, home repairs, maintaining a car to get to work, or in some cases, additional education or training to get a better, higher-paying job.
Nationally, the proposal would cut child poverty by 28 percent, lifting 3.1 million children out of poverty and making another 7.7 million children less poor.
“The Working Families Tax Relief Act would have lasting benefits for children statewide,” said Ron Deutsch. “Kids whose families receive working family tax credits do better in school, are likelier to attend college, and are likely to earn more as adults. That’s important not only for the children themselves but for our country and economy.”
The Fiscal Policy Institute supports Senator Schumer and Senator Gillibrand in their efforts to substantially strengthen the EITC and CTC and help give working people and their children a fair shot to get ahead.
To learn more, please read the Center on Budget and Policy Priorities Report.
The Fiscal Policy institute is a nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all.