News & Notes May 23, 2014
News: Expert: Doubling Ohio’s EITC a good move but its still not enough, Public News Service Notes: The Earned Income Tax Credit (EITC) is a tax credit that is targeted at low and middle income families. A refundable tax credit will provide people that qualify a refund. For example, if a working single mom for tax year 2014 has a tax liability for $100 but qualifies for a $200 EITC, they would have their tax liability reduced to $0 and then receive $100 back. Without a refundable credit, a person will only have a $0 tax liability and loses the remaining $100 of their credit.
News: Local elected officials to hold tour to urge restoration of local government funding, Akron Beacon Journal Notes: Local leaders continue to struggle to meet fulfill their duties to their local communities after billions of dollars of state budget cuts. Local leaders are touring the state because the cuts have hit every corner.
News: Cities start to challenge Ohio Gov. Kasich on lost local government funds, WKSU News Notes: There are multiple philosophies on what components we need for a strong economy. Presidents Eisenhower and Truman understood the foundation of a strong economy was strong public services. Their administrations invested into building infrastructure across this nation that was the foundation for a half century’s worth of economic prosperity. It is up to the states to maintain and continue to enhance much of that investment now – but we are allowing it crumble beneath our feet. Continued cuts to local government is a step backward, not forward.