The Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) are the two most effective tools we have to lift children out of poverty. But what are they, exactly? In summary, these tax credits are dollar-for-dollar reductions in the income tax someone owes to the federal or state government. By either reducing the amount of money owed or providing refundable credits, these tax programs create lifelong benefits for kids and families. Currently, tax code in Colorado is highly inequitable and often benefits those who do not need it. By advocating for an expansion of EITC and CTC this legislative session, we can take one step toward more equitable access for those who need it most.
Sarah Barnes and Esther Turcios break down these two highly beneficial tax codes in episode 6 of The West Steps. After providing an overview of both the EITC and CTC, Sarah and Esther detail current opportunities for expansion at the state level, and recent changes at the federal level. By centering equity in tax policy, we can begin to dismantle the racist roots of our tax code and use tax dollars in a more broadly beneficial way. Interested in being a part of the conversation? Click here to find ways to support and engage with the Colorado Fiscal Institute and their current tax policy initiatives.
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