Benefits of Preserving and Extending Tax Credits for Families in Texas: A Middle Class Prosperity Project Staff Report Prepared for the State of Texas
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Brief Executive Summary
On behalf of the House Committee on Oversight and Government Reform, Senator Elizabeth Warren and Cummings, Elijah E. issued a staff report exploring the circumstances of middle-class individuals and families in Texas with respect to tax credits. Specifically, the report looks at expiring tax credits for lower-income individuals and children which could potentially have adverse reactions on low- and middle-class families as well as small business. The report finds that if the aforementioned tax credits are not renewed then thousands of families will suffer and may even fall into poverty, and this will subsequently hurt the Texas economy overall.