The Working Families Tax Relief Act would strengthen and expand the Earned Income Tax Credit and boost the Child Tax Credit
ORLANDO – Federal legislation introduced today by Senators Sherrod Brown, Michael Bennet and Dick Durbin would help working people with low-wage jobs make ends meet and support themselves and their families.
The Working Families Tax Relief Act (WFTRA) would help more than 3 million families and 7.3 million individuals in Florida become more financially secure, and it would benefit more than 2.9 million children in the Sunshine State, according to an analysis by the D.C.-based, nonpartisan Center on Budget and Policy Priorities. Specifically, the WFTRA would:
“The growth of low-wage jobs, along with relatively stagnant wages and rising costs of living, means that more and more working families are struggling to pay rent and put food on the table,” said Sadaf Knight, CEO of the nonpartisan Florida Policy Institute. “The Working Families Tax Relief Act would provide a much-needed boost to low- and middle-income Floridians.”
The proposal stands in stark contrast to the 2017 tax law, which was heavily tilted in favor of corporations and wealthy residents. For example, a single mom of two earning $20,000 a year would get a $3,700 boost to her income under the new proposal. 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 WFTRA would cut child poverty by 28 percent, lifting 3.1 million children out of poverty.
“The income boost provided to working families under this proposal would be particularly beneficial for Florida children, as one out of five children in our state are living below the federal poverty level,” added Knight. “When a child’s family receives a working family tax credit, they are more likely to attend college, which in turn helps the economy. This legislation would be a step forward for all of Florida.”
The Florida Policy Institute is an independent, nonpartisan and nonprofit organization dedicated to advancing state policies and budgets that improve the economic mobility and quality of life for all Floridians.