U.S. Senators Mark Warner and Tim Kaine introduced legislation that would increase the incomes for over 1 million Virginia families.
The “Working Families Tax Relief Act” would cut taxes for workers and families while wages are stagnant and the cost of childcase continues to increase.
Senators Warner and Kaine plan to handle this situation by expanding the Earned Income Tax Credit and Child Tax Credit.
“All over Virginia, there are people who are working full-time and still struggling to make ends meet because expenses are rising faster than their wages can keep up,” said Warner.
Senator Tim Kaine says “After President Trump and Congressional Republicans passed a tax law to disproportionately benefit millionaire and billionaires, expanding these tax credits can finally offer hard working families the resources to ensure their financial security.”
The “Working Families Tax Relief Act” would:
- Boost 46 million household incomes for 114 million people, including 43 million children nationwide
- Help 7 million people out of poverty
- Expand the EITC by roughly 25%
- Significantly expand the EITC for workers without children and make the credit available for people between the ages 19 and 67
- Make the CTC fully refundable
- Create a Young Child Tax Credit for extra support to children five and under
- Allow workers to draw a $500 advance payment on their EITC