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Christopher G. Cox

Community Reinvestment Act Changes Expected to Benefit Low- and Moderate-Income Communities
BusinessEconomyFinance

Community Reinvestment Act Changes Expected to Benefit Low- and Moderate-Income Communities

Christopher G. Cox, NNPA NewswireJanuary 3, 2020

The Community Reinvestment Act was enacted in 1977 as a direct response to redlining, an unethical practice whereby banks and other lending institutions made it extremely difficult, if not impossible, for residents of poor, inner-city communities to borrow money, get a mortgage, take out insurance or access other financial services. Redlining did not take into consideration an individual’s qualifications or creditworthiness.

Earned Income Tax Credit Reduces Taxes for Low- and Moderate-Income Wage Earners
EconomyFinance

Earned Income Tax Credit Reduces Taxes for Low- and Moderate-Income Wage Earners

Christopher G. CoxAugust 2, 2019

The Earned Income Tax Credit was implemented as a way to offset the impact of Social Security taxes on low to moderate taxpayers and to provide them with an incentive to work. The credit can be worth up to $6,431 for 2018 and up to $6,577 in 2019 for families with three or more qualifying children. For taxpayers with two qualifying children, the maximum credit this year is $5,828. The maximum credit for one qualifying child is $3,526.