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Income tax

money and tax forms
Pictures of Money / Flickr CC / http://j.mp/1SPGCl0

The 2017 tax filing season begins January 23. But millions of low-income families across the country will face delays in getting their refunds. The delays impact nearly 40 million families claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit.

Turns out the Earned Income Tax Credit is one thing all administrations beginning with Reagan’s have agreed is a good idea. And it really works. Listen to those who literally sing its praises on npr.org.

Jennifer Guerra / Michigan Radio

We've written about this before, but it bears repeating: There has been very little talk of poverty during the presidential campaign, and yet nearly a quarter of all American children live in poverty. Since neither Barack Obama nor Mitt Romney have been too candid on where they stand on policies that directly impact kids from low-income families, we decided to take a look ourselves.

ptmoney.com

Things have officially gotten ugly on the campaign trail. 

By now, you've heard the back and forth claims from the Romney and Obama camps. 

What's easy to forget is that all of this incendiary rhetoric came out of the usually-boring world of tax policy. The claim from the Obama camp is that Mitt Romney's tax plan would help rich people and businesses, while shifting more of a burden on low- and middle-income taxpayers. 

As I've written before, the claim has some merit. But it is far from the end of the story. 

Turns out, there is a conservative tax plan that would lower the burden on businesses and low-income families at the same time. It's just not getting any attention right now. 

dnnya17 / flickr

Not surprisingly Congress can't agree on a tax cut plan: Republican's in the House passed one version,  Democrats in the Senate passed a different one.

Last week I offered up a quick summary of what the Republican plan for extending the Bush tax cuts would mean for two programs that have been shown to benefit low-income kids, the Earned Income Tax Credit and the Child Tax Credit. There is much more to the debate than just these credits. A convincing case has been made for how these credits move families out of poverty so I think they are worthy of extra attention.

While Congress takes about five weeks off (paid vacation, really) to campaign, we have plenty of time to think about these tax policies. So, let's turn our attention to the plan being pushed by the Democrats.

John Escovedo / Flickr

I've gotten dozens of press releases in the past few days dealing with the extension of the Bush-era tax cuts.

And while I'm not keeping up with every blow-by-blow in the political death match over Congressional spending, I am trying to figure out how families who struggle to make ends meet are going to fare under some of these dueling policies.