4/20 ACCESS Digest: Refund to Rainy Day Savings Act, Building Wealth Through Tax Reform, and More…
Refund to Rainy Day Savings Act
Senator Cory Booker (D-NJ) and Jerry Moran (R-KS) introduced bi-partisan legislation that would enable more Americans to build emergency savings during tax season. Under the proposal “tax filers receiving a direct deposit tax refund will be allowed to defer up to 20 percent of their refund by opting into the Rainy Day Savings Program on their 1040 tax form. This savings will accumulate interest in a Treasury-held account before being transferred to the tax filer’s direct deposit account six months later. Check out CFED’s The Inclusive Economy blog post for more details on the proposed legislation. Organizations that have endorsed the Refund to Rainy Day Savings Act include: First Focus Campaign for Children, Aspen Institute Financial Security Program, Center on Budget and Policy Priorities, Center for Global Policy Solutions, Corporation for Enterprise Development, The Housing and Community Development Network of NJ, New America Foundation/Asset Building Program, New Jersey Policy Perspective, PolicyLink, and Young Invincibles.
Building Wealth Through Tax Reform: Opportunities for Grantmakers
Increasingly, national, state, and local funders are supporting work to advance progressive, equitable, and inclusive tax policies. This brief from the Asset Funders Network (AFN) and written by Asset Building Strategies founder —- and PolicyLink consultant — Heather McCulloch, shines a light on federal and state tax reform efforts and the catalytic role philanthropy can play to take these efforts to scale. The brief highlights a suite of approaches that funders are investing in, or exploring, to expand asset-building opportunities through tax reform.
SYMPOSIUM: Does College Level the Playing Field?
May 25-26, 2016
Federal Reserve Bank of St. Louis
St. Louis, MO
Join the Center for Household Financial Stability and the Research Division at the Federal Reserve Bank of St. Louis for a symposium that will look at racial and ethnic differences in family wealth among college- educated families. According to research from the St. Louis Fed's Center for Household Financial Stability, “a college degree predicted rising levels of family wealth between 1992 and 2013 for Whites and Asians, but declining levels of wealth over that same period for Blacks and Hispanics.” The symposium will dive into the underlying reasons for this finding. Click here to register or for more information, please email Lowell Ricketts.
WEBINAR: Improving Women’s Economic Opportunity and the EITC
Wednesday, April 27, 2016
11 a.m. PT / 2 p.m. ET
Join the EITC Funders Network and the Women's Funding Network on April 27th to learn more about the role the Earned Income Tax Credit (EITC) can play in advancing women's economic security. Hear from the National Women's Law Center about the importance of the EITC in promoting economic opportunity for women and families and the Washington Area Women's Foundation, a women's fund that has successfully incorporated the EITC and refundable tax credits into its funding strategy. Learn more about the webinar and register today.
SAVE-THE-DATE: 2016 Asset Learning Conference
September 28-30, 2016
Register for CFED’s 2016 Assets Learning Conference, which brings together over 1,300 professionals dedicated to creating an opportunity economy in the United States. Highlights for this year’s conference include: Six plenary sessions, more than 60 breakout sessions, several afternoon-long capacity-building workshops, advocacy visits to Capitol Hill, and a training session to help advocates prove to their lawmakers the value of their work. Click here to register or for further information.
In Case You Missed It…
Video: Brown is the New White (a conversation, hosted by the Ford Foundation on April 6th, with author Steve Phillips and other experts about how America’s shifting demographic landscape is shaping this election season.)
It’s Wealth Gap Wednesdays on Twitter!
Join us today and every Wednesday in lifting up solutions, strategies, and new research by tweeting and sending the financial security team at PolicyLink news, research, infographics, and any related information for us to share via social media and on our website. We hope that you can join us in using the hashtag #wealthgapweds as you tweet out your messages on financial security-related issues.