Surplus is opportunity
Contact: Judy Putnam at (517) 487-5436
MLHS Statement:
Surplus funds could help working families and small businesses in Michigan
“With the potential of up to $1 billion in surplus funds this year, there’s an opportunity to help vulnerable children and their families. The Earned Income Tax Credit goes to janitors, waitresses, child care and nursing home aides and other low-wage workers who do important jobs and work hard to take care of their families.
The EITC was cut by $262 million. It was reduced from 20 percent of the federal credit to 6 percent. Other states have recently moved to add or increase their EITCs. Connecticut has enacted a credit at 30 percent of the federal credit while Illinois recently doubled its credit from 5 percent to 10 percent.
Restoring a portion of the EITC with this surplus money would fit with the Snyder administration and legislative leadership views that jobs are the answer to our economic problems. This tax credit rewards work and makes our overall tax system less regressive. It is also an economic generator since that credit gets spent quickly and helps local businesses.’’
Statement attribution: Gilda Z. Jacobs, president & CEO of the Michigan League for Human Services
