US Rep. Tim Ryan supports bill to expand Earned Income Tax Credit
YOUNGSTOWN — U.S. Rep. Tim Ryan of Howland, D-13th, joined about 40 Democratic members of Congress in introducing legislation for working families by expanding the Earned Income Tax Credit [EITC].
The proposal roughly doubles the EITC for working families and increases the credit for childless workers almost sixfold. Under the proposal, the maximum tax credit available increases to $12,131 for families with three or more qualifying children; $10,783 with two qualifying children; $6,528 with one qualifying child; and $3,000 with no qualifying children. Currently, a family of three can receive a maximum credit of $6,318 and someone with no children can receive at most a $510 tax credit.
It would allow for a worker with no children who makes up to $37,113 annually to still be eligible to receive the tax credit and covers a family with three or more children making up to $75,940 a year to receive the EITC. The current maximum qualifying income to receive the EITC is $15,010 for childless workers and $48,340 for families with three or more children.
“America is the richest nation in the history of the world, and yet still too many hardworking families are living paycheck to paycheck,” Ryan said. “Wages for low-income and middle-class families haven’t gone up in over 30 years, while massive amounts of wealth have gone to the top one percent. This trend is not sustainable, and will not allow long-term economic success for the United States. It is about time we make sure American workers are given a fair wage for a fair days work.”