House panel approves tax legislation providing relief for the middle-class, disaster survivors

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Social Media companies testify on the Hill.

The House Ways and Means Committee approved tax legislation providing significant relief for working and middle-class families as well as disaster survivors.

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On Thursday, the Committee advanced the Economic Mobility Act of 2009 and the Taxpayer Certainty and Disaster Tax Relief Act of 2019 to the House floor for consideration.

The Committee’s Chairman Richard Neal (D-MA) introduced the Economic Mobility Act, which he described as pro-worker, pro-family tax relief legislation.

“Poverty-reducing” tax legislation

Under the bill, all families will be eligible to receive the full Child Tax Credit (CTC) of $2,000 per child.  Workers with no qualifying children will now be able to benefit from the expanded earned income tax credit (the childless EITC).

Additionally, the Economic Mobility Act increases funding for the Child care Development Fund. The bill significantly expands the child and depended care tax credit (CDCTC). It increases the maximum credit rate to 50 percent and amends the phase out threshold to start at $120,000 instead of $15,000. It doubles the amount of child and dependent care expenses that are eligible for the credit to $6,000 for one qualifying individual and $12,000 for two or more qualifying individuals.