The Senate Finance Committee passes a measure suspending 20 tax credits for two years. Some credits were removed from the bill, but some remaining like the earned income tax credit and the child care tax credit would most impact the poor and working poor. It’s a cause for concern by advocates who don’t want to see the poor bear the brunt of the cuts. David Blatt is with the Oklahoma Policy Institute, and he believes subsidies for oil and gas production and property tax exemptions for business need to be in the discussion.
The measure must still pass the full Senate.