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Fourteen states now provide Child Tax Credits to reduce poverty, boost economic security, and invest in children. This year alone, lawmakers in three states created new Child Tax Credits while lawmakers in seven states expanded existing credits. To maximize impact, lawmakers should consider making their credits fully refundable, not including an earnings requirement, setting a maximum amount per child instead of per household, setting state-specific phase-out ranges that target low- and middle-income families, indexing to inflation, and offering the option of advanced payments.
Circuit breaker credits are the most effective tool available to promote property tax affordability. These policies prevent a property tax “overload” by crediting back property taxes that go beyond a certain share of income. Circuit breakers intervene to ensure that property taxes do not swallow up an unreasonable portion of qualifying households’ budgets.
Capital gains tax in Washington state: Is it about fairness and funding, or will it drive away startups? March 17, 2021 at 1:41 pm Underwritten by GeekWire’s civic coverage examines tech policy, urban development, transportation, housing, the environment, regulation, and other issues impacting the innovation economy. Tech workers, business owners, public policy advocates and private citizens weighed in this week in favor of and against a proposed capital gains tax in Washington state. A remote hearing of the House Finance Committee attracted 3,900 people, with 2,380 in support of SB 5096. The majority of Monday’s hearing, and the ongoing argument around the legislation, centered around whether the tax is a necessary way to help level the playing field among taxpayers in Washington state, or whether the action amounts to an unconstitutional state income tax that would ultimately drive businesses and entrepreneurs out of state.