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Bills Could Expand Eligibility for Earned Income Tax Credit - YouTube
Channel: wttwchicago
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>> MORE TAX RELIEF COULD BE ON
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THE HORIZON FOR LOWER INCOME
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ILLINOISANS.
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TWO BILLS WOULD EXPAND
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ELIGIBILITY FOR THE EARNED
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INCOME TAX CREDIT.
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THE PROPOSALS CALL FOR MORE
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ILLINOISANS COULD BE INCLUDED IN
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THE PROGRAM AND THEY APPEAR TO
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HAVE BIPARTISAN SUPPORT.
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TONIGHT AS PART OF OUR FIRSTHAND
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LIVING IN POVERTY SERIES, WE
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TAKE A LOOK AT THE CREDIT AND
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WHAT IT COULD MEAN FOR LOW
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INCOME HOUSEHOLDS AND JOINING US
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TO DISCUSS THE PROPOSALS ARE
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HARISH PATEL, DIRECTOR OF THE
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GROUP ECONOMIC SECURITY FOR
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ILLINOIS, THAT IS AN ADVOCACY
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ORGANIZATION LEADING A COALITION
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OF OVER 30 GROUPS STATE-WIDE IN
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SUPPORT OF THIS MEASURE.
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AND LISA CHRISTENSEN GEE
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DIRECTOR OF SPECIAL INSTITUTES
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OF ECONOMIC AND POLICY.
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WELCOME TO "CHICAGO TONIGHT."
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REMIND US WHAT THE EARNED INCOME
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TAX CREDIT IS IN ILLINOIS AND
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WHO IS ELIGIBLE TO BENEFIT RIGHT
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NOW?
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>> THE EARNED INCOME TAX IS A
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CREDIT TAX CREDIT TO OFFSET YOUR
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ILLINOIS PERSONAL INCOME TAXES
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OR PROVIDE YOU CASH FOR LOW
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INMODERATE INCOME FAMILIES THAT
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HAVE INCOME FROM EARNINGS FROM
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WORK.
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SO HOUSEHOLDS THAT HAVE UNDER
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$60,000 MAK MAY QUALIFY.
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AND ILLINOIS HAS HAD THE CREDIT
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FOR 21 YEARS AND HAS TAKEN STEPS
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OVER THE LAST 21 YEARS TO
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STRENGTHEN IT AND MAKE IT A
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STRONGER ECONOMIC SECURITY
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PROGRAM.
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>> AND IT'S TIED TO THE FEDERAL
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EARNED INCOME TAX CREDIT.
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HARISH PATEL HOW DOES MONEY
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SAVED OR REIMBURSED TAX CREDIT
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AFFECT LOW-INCOME FAMILIES?
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>> SO IT'S IMPORTANT TO KNOW
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THAT EARNED INCOME TAX CREDIT IS
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A FEDERAL PROGRAM AND THE STATE
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HAS A MATCHING PROGRAM.
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AND MOST OF WHAT FAMILIES DO
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WITH THAT MONEY IS EITHER PAY
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OFF THEIR DEBT, THEIR SPENDING
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IT IN THE COMMUNITY THEY ARE
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BUYING THINGS AND BECAUSE IT
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TARGETS MOSTLY LOW INCOME FOLKS,
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THERE IS INVESTING RIGHT BACK
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INTO THE COMMUNITY AND PAYING
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TAXES ON IT.
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WE KNOW FROM DATA THAT MOST OF
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THEM ARE CREATING A MULTIPLIER
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EFFECT FOR EVERY DOLLAR WE SPEND
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THEY ARE SPEND TO GO AROUND 1.50
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OR $2.
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AND THAT IS WHAT ULTIMATELY
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MAKES EARNED INCOME CREDIT A
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REALLY EFFECTIVE ANTI-POVERTY
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PROGRAM.
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>> THERE IS A STIMULATIVE
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IMPACT.
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LISA WE MENTIONED THE PROPOSAL
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TO EXPAND THE EARNED INCOME TAX
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CREDIT UNDER THE PROPOSALS WHO
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NOW WOULD BE ELIGIBLE.
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>> UNDER THE HOUSE BILLS UNDER
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CONSIDERATION IF YOU ARE AN
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18-24-YEAR-OLD OR OVER THE AGE
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OF 65 AND YOU DON'T HAVE A CHILD
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YOU WOULD BECOME ELIGIBLE FORET
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CREDIT.
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AND THERE IS A GROUP OF PEOPLE
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WHO HAVE QUALIFYING INCOMES
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RIGHT NOW BUT BECAUSE THEY FILE
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THEIR TAXES AND PAY TAXES WHAT
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IS CALLED AN ITN NUMBER, THEY
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DON'T QUALIFY UNDER FEDERAL
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ELIGIBILITY RULES BUT THE BILLS
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WOULD ALLOW THEM TO BECOME
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ELIGIBLE.
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>> IMMIGRANT COMMUNITIES AS I
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UNDERSTAND.
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AND CAREGIVERS WOULD BE INCLUDED
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IN THE EXPANSION.
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WE TALK WITH A MOTHER UNOF TWO
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KIDS UNDER SIX YEARS OLD WHAT
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THE CREDIT COULD MEAN FOR HER
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AND HER FAMILY.
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>> THE EXPANSION CAN BE
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TREMENDOUSLY HELPFUL IN MANY
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WAYS.
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I CAN LOWER DEBT.
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I CAN ALSO SAVE SOME MONEY FOR
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RAINY DAYS.
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GET MY CAR FIXED.
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BECAUSE I DON'T HAVE NO ONE THAT
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CAN HELP ME.
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I DON'T HAVE FAMILY MEMBERS THAT
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CAN HELP ME AND MY FAMILY.
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THIS LITTLE BIT OF MONEY CAN
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HELP A LOT OF FAMILIES IN MANY,
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MANY WAYS.
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TO THEM IT'S LITTLE BUT TO US
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IT'S SOMETHING BIG.
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>> WHAT EFFECT COULD THIS
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EXPANSION HAVE ON LOW-INCOME
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FAMILIES?
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>> SHE IS RIGHT.
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THIS EXPANSION LIKE SHE SHARED
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WILL IMPACT A LOT OF NEIGHBORS.
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WHEN WE DID OUR ANALYSIS IT'S
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1.27 MILLION MORE ILLINOISANS
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WOULD QUALIFY.
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AND SO WHAT THAT MEANS IS IF YOU
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ARE A CAREGIVER AT HOME AND
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CURRENTLY YOU HAVE TO GIVE UP
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WORK OR REDUCE YOUR HOURS AND
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THEREFORE POSSIBLY NOT QUALIFY
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FOR THE EARNED INCOME CREDIT
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THIS EXPANSION BILL WE'RE
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PROPOSING WILL MAKE YOU QUALIFY
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AND PUT UP TO 600 MINIMUM INTO
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YOUR POCKET AND WE KNOW WHAT
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THAT MEANS FOR YOU.
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SHE CAN PAY OFF DEBT.
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BUY A CAR.
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INVEST IN A HOME AND THOSE HAVE
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A MULTIPLIER EFFECT TO REBUILD
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THE ECONOMY.
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>> AND WE SPOKE TO SOMEONE THAT
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WAS NOT CRAZY THE PRESIDENT OF
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THE TAXPAYERS UNITED OF AMERICA.
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HE IS IN SUPPORT OF THE CREDIT
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IF ALL OTHER WELFARE PROGRAMS
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ARE ELIMINATED BUT HE IS
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OPPOSED.
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>> ILLINOIS, WE SHOULDN'T BE
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INCREASING SPENDING ON THIS
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RIGHT NOW.
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BECAUSE ILLINOIS IS BANKRUPT.
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IT IS WASTED THE MONEY THAT THEY
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HAVE BEEN SPENDING.
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THEY HAVE BEEN WASTING MONEY ON
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SALARIES AND BENEFITS FOR THE
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GOVERNMENT EMPLOYEES.
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>> LISA, NO SECRET ILLINOIS HAS
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BUDGET TROUBLES.
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HOW MUCH COULD THIS COST THE
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STATE OF ILLINOIS?
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>> OVER A TWO-YEAR PHASE IN
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PERIOD, THIS WILL COST $130
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MILLION.
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THE CURRENT PROGRAM COSTS $400
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MILLION A YEAR AND THAT $130
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MILLION IS EQUAL TO LESS THAN A
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THIRD OF A SINGLE PERCENTAGE
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POINT OF THE ENTIRE 40.6 BILLION
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BUDGET THAT THE STATE HAS FOR
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THE CURRENT YEAR.
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>> THERE COULD BE A SMALL COST
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TO THE BUDGET THE STATE WOULD
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HAVE TO FIND A WAY TO MAKEUP FOR
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THAT.
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HARISH PATEL WE TOUCHED HOW THIS
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COULD IMPACT IMMIGRANT FAMILIES.
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CAN YOU EXPAND ON THAT A LITTLE
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BIT?
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>> SURE.
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I WANT TO RESPOND TO THE
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QUESTION YOU ASKED WHICH IS
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QUESTION, IT COSTS $130 MILLION
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OVER TWO YEARS BUT EVERY ZIP
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CODE IN THE STAID STATE OF
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ILLINOIS HAS SOMEBODY WHO GETS
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THE EARNED INCOME CREDIT.
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IT HAS BIPARTISAN SUPPORT OUR
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BILL HAS BIPARTISAN SUPPORT.
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FEDERALLY WHEN IT WAS ANNOUNCED
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IT HAD BIPARTISAN SUPPORT
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BECAUSE IT IS AN EFFECTIVE TOOL
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TO PUT MONEY IN THE POCKETS OF
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PEOPLE AND WHO ELSE WILL
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QUALIFY, INDIVIDUAL
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IDENTIFICATION NUMBER FILERS
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WILL WHO CURRENTLY DO NOT
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QUALIFY AND HAVE HISTORICALLY
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BEEN LEFT BEHIND ON THE FEDERAL
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STIMULUS AND HERE, WILL BE
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QUALIFYING UNDER OUR PROPOSAL.
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THEY WORK.
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THEY PAY TAXES.
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MANY OF US KNOW THEM.
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THOSE ARE THE FOLKS WHO WOULD
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START GETTING A SMALL CREDIT OF
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LET'S SAY UP TO $1200 A YEAR
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FROM OUR EXPANSION PLAN.
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IN ADDITION WHEN WE DID
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ANALYSIS, WE KNOW THAT BLACK AND
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BROWN COMMUNITIES WILL QUALIFY
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AT A MUCH HIGHER RATE BECAUSE
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UNFORTUNATELY, MANY OF THEM HAVE
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JOBS THAT ARE LOW PAYING IN OUR
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STATE.
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AND SO BECAUSE THIS IS A FOCUS
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ON LOW PAYING OR LOW EARNING TAX
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BENEFIT THAT IS WHO BENEFITS THE
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MOST.
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>> ALL RIGHT WE HAVE TO LEAVE IT
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