
Big Promises, Little Money
Two years ago today, Mayor Gavin Newsom unveiled a "financial justice" program for the city of San Francisco: the Working Families Tax Credit. Modeled after the federal Earned Income Tax Credit (EITC), San Francisco’s WFTC was designed to give working poor people several hundred dollars in additional income per year. (The federal EITC is a program which effectively gives cash grants to working poor people. Although it was designed to help offset taxes for the working poor, it has morphed into a federal welfare program, giving more money back than some people actually paid in taxes.) At the time the program was announced, Newsom said he believed the WFTC would stimulate the local economy and "reduce tax inequity by providing… Read More