New Child Tax Credit Rules Cut Out Poor Families

The working poor are getting the shaft again.

Working-Poor

The Huffington Post has reported that the House has just voted to change the requirements for who can get the Child Tax Credit. It’s being called the Child Tax Credit Improvement Act of 2014. Now, families earning up to $205,000 can get it and families earning less than $15,000 cannot get it. That means that if you have a full-time minimum wage job earning $7.50 per hour ($13,920 for the year) then you will NOT be able to get the $1,000 credit on your taxes.

According to an analysis by the Center on Budget and Policy Priorities, that means a mom working full time at a minimum wage job would receive no help from the credit — because she would be earning only $14,500. Indeed, that mom would lose $1,725 under the new bill, while a family of four earning $150,000 would gain $2,200, according to the center’s analysis.

About 12 million people, including 6 million children, would be pushed further into poverty if the measure became law.

If you’re worried about undocumented people. no worries:

The bill also includes a provision that would bar anyone from receiving the tax break if they do not provide a Social Security number. Many immigrants, including the undocumented, pay their taxes using a tax identification number instead, and all of them would be barred under the bill.

If you think that this bill is bad for America, please contact your House Representativeby entering your zip code here.

 

 

 

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Average Rates for Credit Cards

 

Photo is from NerdWallet.com.

Photo is from NerdWallet.com.

 

CreditCards.com sent out the current interest rates for different types of cards this morning. Find out if your interest rates are on par with the national averages:

Credit card rate report

As of 7/17/2014
National Average
15.03%
Low Interest
10.37%
Balance Transfer
12.64%
Business
12.80%
Student
13.27%
Cash Back
14.91%
Reward
15.00%
Airline
15.46%
Bad Credit
22.73%
Instant Approval
28.00%

A Young Mother’s Dream Scholarship

Young-Mothers-Dream

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The scholarship is from an organization call A Young Mother’s Dream. Get your application in today.

Ambassador for The Passport Party Project

The reason that I named my company Bigger Than Your Block is because I believe that people should travel and see the world. Towards that end, I’ve become an Ambassador for The Passport Party Project. That means that I will be helping spread the word about the great work that The Passport Party Project does in helping girls get their first passport and go on their first international trip!

Passport-Party-Project

Find out more about The Passport Party Project by visiting the website and liking the Facebook page.