BusinessTax Reforms Aim to Boost Assistance for Working Families

Tax Reforms Aim to Boost Assistance for Working Families

-

- Advertisment -sslate

Children’s advocates are supporting a pair of bills introduced this week by state Democrats to update Colorado‘s tax code, expand the state’s Earned Income Tax Credit and fully fund the Child Tax Credit.

Sarah Barnes, manager of special policy initiatives with the Colorado Children’s Campaign, said the proposals would help the state’s families of color hit hardest by the pandemic, due to systemic inequities and barriers, recover from its economic fallout.

She added tax reforms that prioritize kids can help bring tens of thousands of Colorado children out of poverty.

“The earned income tax credit and the child tax credit are two of the most effective tools we have to fight child poverty,” said Barnes. “So those two tax credits taken together lift more kids out of poverty than any other program we have available.”

House Bill 1311 would double Colorado’s Earned Income Tax Credit, from 10% to 20% of the federal credit. The measure would also provide funding for the state’s Child Tax Credit, passed in 2013, for the first time.

taxes

Alongside companion bill HB 1312, the proposals aim to pay for the tax credits by removing tax loopholes for the state’s wealthiest residents and corporations – a move critics warn could blunt the state’s economic recovery.

The bill’s proponents say the reforms will make the tax code fairer for the families and small businesses that drive Colorado’s economy.

Barnes noted getting additional money into the pockets of families with kids will help them pay for necessities like rent, food, and child care. She said money invested in kids now also benefits the economy in the long term.

“And as those kids grow up and become adults,” said Barnes, “they are also more likely to go on to college and they’re more likely to be able to work more and earn more in adulthood, because of the money coming into their families when they’re kids.”

A recent survey found more than 70% of Colorado voters support eliminating outdated tax exemptions and credits for corporations and wealthy individuals.

The legislation targets tax loopholes that the state auditor’s office found are not performing as intended – by creating jobs or growing the economy, or benefiting most taxpayers – including severance tax credits and exemptions for oil, gas and coal production.

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
Sunshine Slate is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the United States of America.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Survivors Call for Monument in Honor of Fallen Heroes

Congress is moving forward with plans to build the monument to honor the 3,600 Americans who have earned the nation's highest award for valor in combat.

Starting a Business informally is beneficial for Growth

Starting a business informally almost always benefits its development in the early stages, new research from NEOMA Business School reveals.

Why Must You Go for Professional Lawn Mowing Services?

The best Lawn Mowing specialist is knowledgeable about different grass varieties. Know the reasons why you must know.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -

Upgrade Your Outdoor Space With Outdoor Travertine Tiles

Outdoor travertine tiles are a durable and stylish option for any outdoor space. Here's the complete guide for it.

Why The Eye Drop Product Recall is causing all this Panic?

In this article, we will discuss what eye drop product recalls are, why they happen, and what you should do if you have a recalled eye drop product.
edealo.com
- Advertisement - Motel 6
transformerscon

Must read

Survivors Call for Monument in Honor of Fallen Heroes

Congress is moving forward with plans to build the monument to honor the 3,600 Americans who have earned the nation's highest award for valor in combat.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -
- Advertisement -sslate

You might also likeRELATED
Recommended to you