“The Virginia General Assembly has the opportunity to create a cohesive and effective family tax policy. Replacing the current web of credits is an excellent place to start in the upcoming legislative session. A 20% refundable EITC is a relatively low-cost option to consolidate the system, while a fully refundable CTC would expand benefits to thousands of families and make Virginia a leader in family tax policy.”
Terrific article. The most important change is to make all earned income and child tax credits fully refundable. Otherwise, they do not benefit the lowest-income families that need help the most.