New York Lawmakers Rally for $500 Million Tax Credit Package to Ease Financial Strain on Low- and Middle-Income Families
New York Lawmakers Rally for $500 Million Tax Credit Relief Amidst Rising Living Costs
SPECTRUM News – New York state senators and assembly members are pushing for a $500 million tax credit package in the final budget to aid low and middle income families grappling with rising living costs. Despite a slight decrease in inflation, New Yorkers are still feeling the strain of higher expenses for food, utilities, and rent. The proposed tax credits aim to alleviate financial burdens with the Senate suggesting replacing the Empire State Child credit with the Working Families Tax credit.
The Working Families Tax credit, gradually phased in over five years targets single taxpayers earning under $75,000 annually. Advocates emphasize the broad benefits, including assistance with essentials like clothing, food and utility bills. Democratic lawmakers stress the urgency of addressing poverty with Assembly sponsor Andrew Hevesi highlighting the proven effectiveness of such tax credits in reducing poverty rates, especially among children and families.
READ ALSO: Basic Income: Arizona GOP Proposes Blocking City- Level Universal Initiatives
$500M Family Tax Credit – NY Lawmakers Propose Budget Boost! (PHOTO: CNBC)
Working Families Tax Credit Gains Bipartisan Support in New York Budget Talks
The inclusion of the Working Families Tax Credit in both legislative chambers budget priorities signifies a significant step toward addressing affordability issues statewide. Advocates emphasize the equity of the credit which extends to immigrant and non citizen tax filers with the money directly benefiting families and local economies. While the budgets also prioritize education and healthcare, experts emphasize the critical need for affordable housing solutions to truly alleviate New York’s high cost of living.
READ ALSO: Unlocking L.A.’S Future: How Will The City Foot The Bill For HLA?
