The Coronavirus Pandemic has crippled the world economy. Every country is struggling with its economy. People have lost their jobs, and many are struggling to make ends meet.
As May becomes the 4th month of tackling the virus, many are now without jobs. In such a case, it is hard for citizens. That’s why U.S. Senator Kamala D. Harris and her colleagues sent a letter to the Senate Leaders urging for Tax Credit Expansion. The expansion of the EITC will help working families during the coronavirus economic downturn.
The effects of the economic recession will continue to next year. It will become hard for families to weather this financial crisis. That’s why U.S. Senator Kamala D and her colleagues have taken this initiative. The tax returns will put money into the accounts of working families who need it. It can help them through the challenging year.
EITC and the CTC are the tools that can be effective in bringing about financial stability to workers. The current tax regime means 5 million Americans will have to pay the tax that will drag them into poverty. According to the rules of minimum income to qualify for EIC, the EITC and the CTC leave out youngest adult workers, workers not raising children in the home, and the lowest-income families.
Youngest adult workers are the young health aides, grocery store clerks, and truck drivers working in the front line of the pandemic. And despite that, they aren’t eligible for credit. So, expanding the EITC would fix the situation, and return the tax to these workers who will need it.
The expansion of CTC will help 26 million kids and their families. It seems the expansion of the EITC and CTC is a smart move, and it must be taken.
