Mostly everyone around the world is in one way or the other affected by the pandemic. Coronavirus has paralyzed the world economy. People are in danger of losing their jobs.
It is primarily the low to moderate-income families that will either lose jobs or receive cut-offs. Recently Congress provided the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the people.
But that does not seem enough. People may need support from the government again and soon. Many lawmakers asked Treasury and the IRS to provide assistance to low and moderate-income families. Senator Kamala. D Harris and her colleagues even sent a letter to Senate Officials urging the expansion of the EITC and CTC.
Everyone is wondering about how much is EIC this year. And congress will soon take the decision to provide another economic relief to the people. And this time, government officials are advising to use EITC. It is a tool that can assist people who are going to suffer job loss, missed bills, eviction, and food insecurity.
Elaine Maag of the Urban-Brookings Tax Policy Center is supporting this idea. It is a great way to target the population who require financial aid. Maag says that the recipients of the EITC are an ideal group.
They should receive targeted aid during any economic recession. These are the people who are at risk of losing their jobs and facing reduced work hours.
IRS already has the details necessary to find the people and deliver the payments. However, there must be the expansion of EITC and CTC so low to moderate-income families can also avail the credits. EITC and CTC are potential anti poverty programs that can be used by the IRS.
