Financial Stability: Action Agenda Priority
Reforming the Tax Code to be more equitable for all and build a more inclusive economy.
Maintain and expanded the Earned Income Tax Credit (EITC) to ensure young adults, those under 25, and seniors over 65 have access to the EITC. It would be a key support to hard working low- and moderate-income families to have financial security. Change the Mortgage Interest Deduction to a Tax Credit to ensure that low- and moderate-income homeowners are also able to benefit from the Interest deduction and achieve the American Dream. Create a Federal Renters Credit, particularly applicable in "hot market" cities to ensure that low- income renters pay no more than 30% of income toward rent with an income eligibility of 60% of the local median income. Increase in the tax rate on capital gains as well as taxing in the same manner as ordinary income. Remove the cap on social security payroll tax. Allow ITIN holders to access EITC as they do the Child Tax Credit. Support tax code changes to encourage and incentivize employer-linked savings and SU retirement savings such as myRA, and make the Saver’s credit refundable. Turning the credit into a matching contribution to the account would provide a greater incentive to save for low-income families, including Earned Income Tax Credit recipients.