podesta_email_02947.txt

podesta-emails 1,143 words email

D1 V16 D3

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Tuesday's Budget the President will be proposing an expansion of the Earned Income Tax Credit for childless households. The attached report by the Council of Economic Advisers, the National Economic Council, the Office of Management and Budget, and the Treasury Department explains the new policy and analyzes its impact on poverty, incomes, and more broadly. The Executive Summary is pasted below and the report is available online at http://www.whitehouse.gov/sites/default/files/docs/eitc_report.pdf. Executive Summary The Earned Income Tax Credit (EITC) is among the Nation's most significant tools for reducing poverty and encouraging people to enter the workforce. Expansions of the EITC and the refundable Child Tax Credit (CTC) enacted during this Administration benefit 16 million families with 30 million children and have helped lift about 1.4 million Americans out of poverty. Altogether, the EITC and the refundable CTC now support 32 million working families, lifting 10.1 million people, including 5.3 million children, out of poverty. In addition, research has consistently found that the EITC also boosts incomes by increasing employment, with one recent study finding that the EITC leads about 1 in 10 parents who would not otherwise be working to enter the labor force. As a result, its full effects on poverty and hardship may be even greater than its direct effects. Workers without qualifying children, however, miss out on these anti-poverty and employment effects of the EITC. The EITC available to workers without children and non-custodial parents (the "childless worker EITC") is small and phases out at very low incomes. As such, it provides little assistance to childless individuals at or near the poverty line and little incentive to enter the workforce. Moreover, the current age restrictions prevent workers younger than 25 from claiming the childless worker EITC, excluding young workers living independently from their parents from its pro-work effects. This represents an important missed opportunity. For individuals at this formative stage of life, encouraging employment and on-the-job experience could help establish patterns of labor force attachment that would persist throughout their working lives. The President has proposed to address these problems with the current childless worker EITC by doubling the maximum credit to about $1,000 and increasing the income level at which the credit is fully phased out to about $18,000 (roughly 150 percent of the Federal poverty line for a single adult). The proposal would also make the credit available to young adult workers age 21 and older and would raise the EITC's upper age limit from 65 to 67, harmonizing it with the recent and scheduled increases in the Social Security full retirement age. The President's proposal would: * Directly reduce poverty and hardship for 13.5 million low-income workers struggling to make ends meet. * Under the President's proposal, 7.7 million workers would be eligible for a larger EITC, while 5.8 million workers would be newly eligible for the credit. (See State-by-State estimates in the appendix.) * Those newly eligible would include 3.3 million working young adults age 21 to 24, 300,000 older workers age 65 or 66, and 2.2 million workers with incomes above the current cut-offs. * The increase in the credit would lift about half a million people above the poverty line and reduce the depth of poverty for 10 million more. * Non-custodial parents likely comprise 1.5 million or more of those benefiting from the proposed EITC expansion. By boosting these parents' incomes - and encouraging work - the expansion may benefit their children as well. * Encourage and support work, especially among a number of groups with falling or low labor force participation rates. * Research has consistently found that the EITC for families with children increases employment, especially among single mothers, with the 1980s and 1990s EITC expansions pulling more than half a million people into the labor force. * Many experts, including conservative economists, believe a more robust childless worker EITC could replicate these successes, and a UK tax credit available to childless adults did raise labor force participation among that group. * Researchers have found that the EITC for families with children has larger effects on work in areas of the country where it is more widely known. A more robust EITC would not only provide a larger financial incentive for work, it would also probably be more salient, and so its pro-work impact might increase more than proportionately. * The proposed EITC expansion would target a number of groups with low or declining labor force participation rates or for whom there are other compelling reasons to strongly subsidize work. These include: men without a college education, whose labor force participation rates have been falling for decades, along with their wages; women without dependent children, who comprise a significant share of low-wage workers; young adults not enrolled in school; workers with disabilities; and older workers. * Take an important step toward tax reform by shifting resources from unproductive tax loopholes to reducing poverty and supporting work. * Since the 1970s, the tax code has gone from increasing to reducing poverty for families with children, but it still increases the poverty rate among childless households. The President's proposal would make significant progress toward realizing the principle that the tax system should not push people into or deeper into poverty. * The President is proposing to pay for the EITC expansion by closing tax loopholes that let some high-income professionals avoid income and payroll taxes that everyone else has to pay. Addressing these loopholes was also a part of Chairman Camp's tax reform proposal released last week. The President is proposing to devote the savings from these provisions to lowering tax rates and cutting taxes for low-income workers, an important step toward reforming the tax code. Historically, the EITC has enjoyed strong bipartisan support, with EITC expansions signed into law by every President since the EITC was first enacted under President Ford, and under both Democratic and Republican Congresses. More recently, policymakers and experts from both parties have increasingly advocated expanding the childless EITC. (See the box on page 16.) The President's proposal to expand the EITC for childless adults would build on the EITC's success by increasing the return to work for 13.5 million current workers, increasing incentives for other non-parents and non-custodial parents to enter the workforce, and reducing poverty and hardship.