As pandemic relief dollars dwindle, low income families still need help recovering, advocates say. Two bills would expand California’s earned income and young child tax credits for families making as much as $30,000.
“This program is one of the most effective anti-poverty programs we have,” he said. “We can expand the current program and help more people than have ever been helped.”
“These are people who are helping our local economy; we declared them essential,” she said. “So this is a way we can help them and really prove to them they are essential.”which means the money immediately goes back into the economy. For every $1 of tax credit, $1.70 is invested in a local economy, said Anna Hasselblad, director of public policy for United Ways of California.
Taxpayers lined up for complimentary tax preparation services at the Nakaok Community Center in Gardena on April 1, 2023. Photo by Pablo Unzueta for CalMatters It also would simplify the process of claiming tax credits; the Franchise Tax Board would more easily identify qualifying workers and automatically send funds, Anderson said.but the two bills may face a challenge in the projected state budget deficit. If passed, the proposed earned income tax expansion would cost about $460 million annually and the proposed expanded youth tax credit would cost about $700 million annually.
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