By Yuqi Wang, Policy Analyst, Economic Policy Project
Unfortunately for the millions of individuals and families who continue to feel the brunt of stagnating wages, eroded overtime policies, and a flatlining federal minimum wage, the newest tax framework that has been proposed would only make it more difficult for them to make ends meet. The Trump administration and Congressional Republicans’ latest tax reform framework threatens to exacerbate working families’ struggles, providing massive tax cuts to wealthy individuals and corporations disguised as a plan to help the working class.
By Agatha So, Policy Analyst, UnidosUS
On September 5, the president announced that he would rescind the Deferred Action for Childhood Arrivals (DACA) program. Since 2012, DACA has provided hundreds of thousands of undocumented youth with opportunities to get an education and a good job without fear of deportation. The president’s announcement suddenly placed the lives of nearly 800,000 workers, students, and homeowners in the United States in limbo. Now, gains that these young immigrants were able to make due to the program are in jeopardy.
Homeownership is one of the many gains DACA recipients have achieved since the program began. In a 2015 survey of more than 1,700 DACA recipients, more than half reported getting their first credit card, and 12 percent had a mortgage or had their name on their family’s lease. DACA opened up opportunities for young immigrants to establish a formal record of work and credit history with a social security number, which they used to help them qualify for a loan to buy their first home. For DACA homeowners, their first home purchase was a dream shared by their families, and an important step towards financial stability and building family wealth.
By Marisabel Torres, Senior Policy Analyst, Economic Policy Project, UnidosUS
We’re happy to be sharing some good news this week. UnidosUS is joining our advocacy partners in celebrating the Consumer Financial Protection Bureau (CFPB)’s release of their final payday rule!
Payday loans are loans in which the lender repays itself directly from the borrower’s bank account on the borrower’s payday. These loans are typically due in one lump sum. With a car title loan, the lender requires the power to immediately seize and sell the car as collateral, and uses this power to coerce payment.
By Renato Rocha, Policy Analyst, Economic Policy, UnidosUS
In the last year of the Obama Administration, Latinos made considerable progress across a range of economic indicators. The 2016 income and poverty data released by the U.S. Census Bureau yesterday showed that despite a number of remaining long-standing inequities, there were many bright spots for the Latino community. In total, about one million Latinos were lifted out of poverty last year. This isn’t just good news for the Latino community, it is good news for the nation. Latinos are over 56 million strong and contribute to our nation’s overall economic well-being.
By Yuqi Wang, Policy Analyst, UnidosUS
It may feel like tax season just ended, but the IRS is already thinking ahead to next year’s tax filing deadline. The agency recently announced their second round of Individual Tax Identification Number (ITIN) renewals, and we urge all affected taxpayers to renew their ITIN without delay.
Like the renewal process last year, the taxpayers who will need to renew their ITINs are individuals who have not used their ITIN on a tax return in the last three years, and those who have specific middle digits in their ITINs that the IRS is looking for.