WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine joined 42 of their Senate Democratic colleagues to introduce the Working Families Tax Relief Act (WFTRA), legislation that is estimated to increase the incomes of over 1 million Virginia families, benefitting almost 2.7 million Virginians. The bill aims to cut taxes for workers and families at a time when wages are stagnant and the cost of childcare has continued to rise by expanding the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), two of the most effective tools we have to put money in the pockets of working people and pull children out of poverty. Expanding these tax credits will give millions more Americans a foothold in the middle class.
“All over Virginia, there are people who are working full-time and still struggling to make ends meet because expenses are rising faster than their wages can keep up,” said Warner. “By expanding two critical tax credits, this legislation will provide dependable financial relief to millions of low- and moderate-income households as well as families with children so that folks can finally focus on getting ahead.”
“More and more Virginia workers are taking on longer hours just to keep up with the rising costs of supporting a family,” said Kaine. “After President Trump and Congressional Republicans passed a tax law to disproportionately benefit millionaires and billionaires, expanding these tax credits can finally offer hard working families the resources to ensure their financial security.”
The Working Families Tax Relief Act would:
- Boost the incomes of 46 million households and 114 million people, including 43 million children.
- Lift 7 million people out of poverty, including 3 million children.
- Expand the EITC for families with children by roughly 25 percent.
- Significantly expand the EITC for workers without children and make the credit available for people starting at age 19 up to age 67. Currently, workers without children can be pulled under the poverty line by taxes. Expanding the EITC would fix that.
- Make the CTC fully refundable, so the more than 26 million children who were left out of the Trump tax law get the support they deserve.
- Create a Young Child Tax Credit to provide extra support to children five and under, when research says they need it most.
- Allow workers to draw a $500 advance payment on their EITC so that families aren’t forced to turn to predatory payday lenders when the car breaks down or other unexpected expenses come up.
Read more about the bill HERE.
Along with Senators Warner and Kaine and sponsor Senator Sherrod Brown, cosponsors of the bill include: Michael Bennet, Dick Durbin, Ron Wyden, Patrick Leahy, Patty Murray, Jack Reed, Chuck Schumer, Tom Carper, Debbie Stabenow, Maria Cantwell, Bob Menendez, Benjamin Cardin Bernie Sanders, Bob Casey, Amy Klobuchar, Sheldon Whitehouse, Jon Tester, Tom Udall, Jeanne Shaheen, Jeff Merkley, Kirsten Gillibrand, Chris Coons, Richard Blumenthal, Brian Schatz, Tammy Baldwin, Chris Murphy, Mazie Hirono, Martin Heinrich, Angus King, Elizabeth Warren, Ed Markey, Cory Booker, Gary Peters, Chris Van Hollen, Tammy Duckworth, Maggie Hassan, Kamala Harris, Catherine Cortez Masto, Tina Smith, Doug Jones, and Jacky Rosen.