EITC at the state level
The folks from Doug McKillip's office (I suppose ... it's not a campaign anymore) sent me a copy of this press release. It's one of the ideas I liked from McKillip during the election season, and I'm glad to see he wants to make it one of the first things he does when he assumes office.
McKillip Introduces Legislation to Provide State Earned Income Tax Credit for Working Georgia Families
Atlanta – State Representative-Elect Doug McKillip (D-Athens) pre-filed legislation for the upcoming 2007 Session of the General Assembly that would provide Georgia’s families a state earned income tax credit. McKillip’s proposal is a state version of the widely successful Federal Earned Income Tax Credit and would provide an estimated savings of $200 a year in taxes for a family of four making $20,000 per year.
"There are few proposals out there today that have as much support from both ends of the ideological spectrum as the EITC. This legislation offers the unique opportunity for legislators on both sides of the aisle to reward Georgia’s hardest working families through tax relief," said McKillip.
McKillip pointed out that Republican President Ronald Reagan labeled the Earned Income Tax Credit "the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress." Bruce Katz of the Brookings Institution described the EITC as "a proven federal tool that reduces poverty, rewards work, strengthens rural and neighborhood economies and needs little bureaucracy to implement."
"The current House leadership has expressed interest in doing away with income tax in Georgia all together. An Earned Income Tax Credit would certainly contribute towards that end but with an emphasis on those families who work the hardest and need it the most," said McKillip.
According to the Georgia Budget Policy Institute, a non-partisan think tank, in 2003, the federal earned income tax credit (EITC) lifted 4.4 million people out of poverty through income tax relief and wage supplements. Commonly described as a work incentive since it applies to income that is earned, the federal EITC reduces income taxes for low-income working families.
The GBPI also states that since its inception in 1975, the federal EITC has received enhancements under the Reagan, Bush, and Clinton administrations. Following the example set by the federal government, eighteen states and the District of Columbia have enacted state-level earned income tax credits. Due to the success the EITC in several states, many state governments have increased the EITC.
The bill may be viewed at http://www.legis.state.ga.us/legis/2007_08/pdf/hb10.pdf
McKillip Introduces Legislation to Provide State Earned Income Tax Credit for Working Georgia Families
Atlanta – State Representative-Elect Doug McKillip (D-Athens) pre-filed legislation for the upcoming 2007 Session of the General Assembly that would provide Georgia’s families a state earned income tax credit. McKillip’s proposal is a state version of the widely successful Federal Earned Income Tax Credit and would provide an estimated savings of $200 a year in taxes for a family of four making $20,000 per year.
"There are few proposals out there today that have as much support from both ends of the ideological spectrum as the EITC. This legislation offers the unique opportunity for legislators on both sides of the aisle to reward Georgia’s hardest working families through tax relief," said McKillip.
McKillip pointed out that Republican President Ronald Reagan labeled the Earned Income Tax Credit "the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress." Bruce Katz of the Brookings Institution described the EITC as "a proven federal tool that reduces poverty, rewards work, strengthens rural and neighborhood economies and needs little bureaucracy to implement."
"The current House leadership has expressed interest in doing away with income tax in Georgia all together. An Earned Income Tax Credit would certainly contribute towards that end but with an emphasis on those families who work the hardest and need it the most," said McKillip.
According to the Georgia Budget Policy Institute, a non-partisan think tank, in 2003, the federal earned income tax credit (EITC) lifted 4.4 million people out of poverty through income tax relief and wage supplements. Commonly described as a work incentive since it applies to income that is earned, the federal EITC reduces income taxes for low-income working families.
The GBPI also states that since its inception in 1975, the federal EITC has received enhancements under the Reagan, Bush, and Clinton administrations. Following the example set by the federal government, eighteen states and the District of Columbia have enacted state-level earned income tax credits. Due to the success the EITC in several states, many state governments have increased the EITC.
The bill may be viewed at http://www.legis.state.ga.us/legis/2007_08/pdf/hb10.pdf
posted by Jmac at 4:30 PM
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