Maryland Gov. Wes Moore Poverty Solution
Maryland Gov. Wes Moore has an ambitious plan to end child poverty in the state. The proposed Family Prosperity Act aims to strengthen the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC), two of the government’s most powerful tools for lifting people out of poverty. The legislation could help thousands of Maryland families with children to climb out of poverty.
According to a published article in The Baltimore Banner, the EITC offsets the payroll taxes from low-income workers’ paychecks, while the CTC provides a credit to help offset the cost of raising children. Moore’s proposal seeks to make the EITC more generous and permanent, with a match of up to 45% of the federal credit. The proposal also revises the CTC so that more Marylanders can receive it. Families with less than $15,000 of income and a child under five or an older child with a disability would get a $500 tax credit under the CTC.
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The minimum wage is also set to increase by up to $15 per hour in a couple of years. However, Moore’s proposal seeks to jump the minimum wage to $15 on Oct. 1 and make future increases automatic based on inflation starting in 2025.
A Step In Addressing The State’s Child Poverty
Maryland Gov. Wes Moore’s poverty solution represents a significant step in addressing the state’s child poverty rate, which estimates to be around 14%. By strengthening tax credits and increasing the minimum wage, Maryland’s low-to-moderate-income workers and low-income families with small children begin to climb out of poverty.
The administration estimates that around 40,000 families would benefit from the expansion of the CTC alone. This legislation could make a real difference to many lives in Maryland families struggling to make ends meet.
With the Family Prosperity Act, Maryland Gov. Wes Moore is taking the first step toward fulfilling his goal of ending child poverty in the state. It is an audacious goal, but one that is worth pursuing. By lifting families out of poverty, Maryland can create a brighter future for its children and strengthen its communities for generations.
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