A huge THANK YOU 2 the Finance, Revenue & Bonding Committee 4 voting out so many great bills that, if passed, will combat income & wealth inequality in #CT! An even BIGGER THANK YOU 2 our partners & amazing advocates that worked 2 advance these bills. Nothing happens alone. 1/🧵
HB 5403: AA Establishing a #CTC Against the Personal Income Tax would create the state's first credit, exemption, or deduction 4👶. If passed, this bill will provide $600/child (up to 3 kids)—that's real💵in your pockets! This is tax relief 4 families that will make a difference.
4 CT 2 stay on course 4 an equitable recovery, parents in the state need substantive tax relief NOW 2 help offset the high cost of raising👶. CT is the only high cost of living state w/ an income tax that doesn't adjust 4 family size or the high &⬆️cost of child care expenses.
This is wrong & it’s compounded by the fact that #ChildCare in CT is expensive & the price 4 care is⬆️. Too many parents are left out of CT's labor force because they are unable 2 afford child care, & this barrier has only grown during the pandemic.
High-quality child care needs 2 be resourced AND parents w/👶also need help paying 4 it. If passed, SB 487: AAC Establishing the Infant & Toddler Early Care & Family Support Initiative will provide needed financial relief 4 providers & HB 5403 helps families afford child care.
Together, these bills support👶develop & grow + support parents 2 re-engage in the workforce—both are important 4 an equitable economic recovery. But even this isn't enough help 4 the poorest residents in our state, which is why⬆️the CT #EITC is critical.
According 2 a report by @uwwesternct, 42% of CT’s👶live in🏘️dealing w/ financial hardship. 72% of Black children & 67% of Hispanic children live in🏘️that can’t afford the cost of living. SB 383: AA Increasing the Applicable % of the #EITC helps families pay 4 basic necessities.