October 12, 2021

McClatchy: Biden’s spending plan has big income tax changes. Here are the Californians who would benefit

media mention

Chief beneficiaries of tax cuts would be parents and very low-income workers without children who are among the lowest 20% of income earners, which means those making less than $29,100 in California. Increases in the Child Tax Credit and the Earned Income Tax Credit help people in their income bracket. “This is going to have a more dramatic effect on lower income families than anyone else,” said Steve Wamhoff, ITEP director of federal tax policy. The Child Tax Credit was increased this year only to a maximum of $3,600 per child under 6 and $3,000 per child 6 through 17. The Democrats’ plan extends those levels through 2025.

Read more at: https://www.sacbee.com/news/politics-government/article254861002.html#storylink=cpy