McCormick supports Working Families Tax Relief Act
New Jersey Democrat Lisa McCormick said she supports the Working Families Tax Relief Act of 2019, which was recently introduced by Senators Sherrod Brown and at least 45 cosponsors.
"The Working Families Tax Relief Act would boost the incomes of 45 million households and 114 million people, including 43 million children," said McCormick. "As more and more people are recognizing President Trump’s Republican tax scam as a handout to millionaires and billionaires at the expense of working families, it is time to put money in the pockets of workers and families."
Building upon the proven success of the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), this game-changing legislation would give a bigger EITC to hardworking parents and ensure that all low- and moderate-income families fully benefit from the CTC.
"The proposed law would also expand the CTC for very young children and provide much-needed tax relief for families in the shrinking American middle class who are losing ground as a direct result of tax laws, government spending decisions and policies that favor the very rich," said McCormick. "It would also help low-wage workers without children who are paying too much in taxes in order to subsidize the super wealthy."
McCormick said she is proud to join more than 80 national organizations that have thrown their support behind the Working Families Tax Relief Act.
"The Working Families Tax Relief Act is a step towards putting the American dream back in reach for more families," said Chris Hughes, Co-Chair of the Economic Security Project Action. "At a time when so many are facing the rising costs of living and childcare with stagnant wages, refunds like the Child Tax Credit and Earned Income Tax Credit can provide a safeguard for at-risk families across the country. Expanding these programs would be progress toward ensuring these benefits reach even more hard-working Americans."
"Despite headlines touting America’s booming economy, the reality is that millions in the US are living in financial uncertainty," said McCormick. "Millions of families are either struggling to make ends meet. Forty percent of American households lack a basic level of savings, leaving them just one emergency away from a financial disaster."
Across the country, Americans are working harder than ever, but are falling further and further behind, stuck between stagnant wages and rising costs.
Over 40% of U.S. households are struggling to afford basics like food, housing, health care, and child care, and an estimated 70% of Americans report facing at least one serious hardship within the past year.
“The Working Families Tax Relief Act would boost the bottom line for millions of women and their families and help right our upside-down tax code that leaves too many hardworking people behind," said McCormick. "If this legislation had been in effect in 2017, over 25 million working women would have benefitted – including almost 4.9 million Black women, nearly 4.8 million Latinx women, 1.27 million AAPI women, and 280,000 Native American women."
“Those women, in fact all women, have been relegated to the sidelines by a tax code that favors the wealthy and big corporations. Instead, we should be focused on those in our country who toil the longest hours and in the lowest-paying jobs—caregivers, cleaners, and restaurant workers," said McCormick. "These workers and so many others can’t support their families on their paychecks alone, because while wages have stagnated for decades, costs like rent and child care continue to rise."
"To make matters worse, under current law, many of these women do not receive the full benefit of tax credits and, in some cases, the taxes they pay can push their incomes below the poverty line," said McCormick. "The Working Families Tax Relief Act of 2019 would help counter these dangerous effects, and put women and families front and center in our tax policy.”