On October 18, the California State Controller’s Office will launch its first annual “Manage Your Money Week.” The event has several goals including: 1) promoting the importance of helping all Californians make good financial decisions; 2) connecting consumers to financial management resources in their own local communities and; 3) providing a framework for state, regional and local financial education groups to collaborate on highlighting their respective programs and services.
Earlier this month, the Executive Office of the President and the U.S. Treasury Department released a proposal to expand the Earned Income Tax Credit (EITC) by $60 billion. This is significant as EITC is the largest public anti-poverty program for workers not receiving Social Security benefits.
If the proposal goes through, over 7.7 million people will receive a larger EITC benefit and 5.8 million would become newly eligible. The Washington Post reports “workers would get 15.3 cents back on every dollar they earn up to $6,570, for a maximum of $1,005. Then the tax credit is frozen until the worker earns $11,500.” Once a worker reaches $18,070 in annual income, the tax credit will automatically phase out.
On February 6, UWCA President/CEO Pete Manzo testified before the California Assembly Banking and Finance Committee in San Francisco. We thought you'd like to read his testimony about the Bank On program and the needs of unbanked and underbanked families.
Due to the non-renewal of increased federal Supplemental Nutrition Assistance Program (SNAP) funds, over 4,000,000 families will see reduced funds coming from CalFresh, California’s nutrition program for low-income families. The Center on Budget and Policy Priorities estimates that a family of four is set to lose $36 per month, leading to the possibility of skipped meals and nutrition support that is essential for a sustainable, healthy lifestyle.