D.C.’s wealthiest residents are likely to soon pay more in taxes, funding what lawmakers consider to be necessary programs that invest in early childhood education and housing to stabilize the workforce.
In a vote of 8-5, the D.C. Council approved the Homes and Hearts Amendment Act, thereby including it in the budget package that passed Tuesday evening on its first of two votes. The tax hike on residents making more than $250,000 a year will affect 5% of District residents, according to the council.
The District will use the income generated to fund increased wages for early childhood educators, to secure stable housing for D.C.’s homeless, and to introduce a monthly income for families earning less than $57,414 a year.
The act funds the “Birth to Three” law, which doubles the wages for early childhood educators, with the goal of expanding the job pool, paying living wages to those caring for children and increasing access for childcare. It also invests $65 million in new housing meant to provide some 2,400 homeless residents stable homes. The act will also provide a monthly stipend for families who are enrolled in the Earned Income Tax Credit, which means those who qualify could receive extra cash each month.
Click here to read the rest of the article written by Megan Cloherty over at WTOP
