Two new US Senators namely, Tom Udall and Martin Heinrich, have called for the temporary expansion of the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) in the next coronavirus relief package. Earlier, a total of 39 senators had written a letter to Senate leaders on this subject. It is expected that this step would help to provide some relaxation to working people bearing the direct economic impact of COVID-19.
With the expansion of EITC and CTC, there will be some sort of economic relief for people in New Mexico and the income inequality gap will reduce to some extent. Currently, only the workers who are not raising their children are eligible for the credit but there is no benefit available for the youngest adult workers serving on the front lines of the crisis.
The sole motive of this letter from the senators is to minimize gaps in the EITC and CTC that exempt younger workers, lowest-income families, and those working-class people who don’t raise children in their homes. After hearing about this subject, many people have started inquiring when to expect my refund with eic.
In the letter, it is appealed to grant the CTC as a refundable credit to every child and increase the credit amount for children less than six years of age. The only motive behind it to ensure the right cognitive development of children even during this tough phase.
Coronavirus has gripped the US so badly that about 70,000 people have died until now and more than 1.2 million have got infected. Under such a critical time, the expansion of EITC and CTC will offer benefits to American families and help them in bearing the adverse impact of the economic downturn.
Sharad Narang
Sharad is one among the oldest contributors of BO Herald with a particularly unique perspective with regards to Politics events. He aims to empower the readers with delivery of apt factual analysis of Politics news pieces from India.
