Mike Bloomberg 2020

Mike Bloomberg Unveils New Housing and Earned Income Tax Credit Proposals in California

December 11, 2019

Proposals Address Housing Affordability and Initiatives to Raise Low-Wage Incomes

Stockton, California—Democratic presidential candidate Mike Bloomberg traveled to California today to unveil two new proposals designed to help address affordability and create economic opportunity for all Americans. The proposals, which were released following a roundtable discussion in Stockton, CA hosted by Mayor Michael Tubbs, and featuring Stockton community members, builds on Mike’s record as Mayor of New York City, where he pioneered programs that helped more New Yorkers gain access to housing and economic security.

Mike’s housing proposals address the nation’s severe shortage of affordable housing, including an expansion of funding for the Low-Income Housing Tax Credit (LIHTC) that would add hundreds of thousands of units of affordable housing over ten years. The proposal also calls for an increase in federal spending on programs like Public Housing Capital Fund, the HOME program, Community Development Block Grants. In addition, the proposal sets aside $10 billion for a competition to reward municipalities that offer the best solutions to restrictive zoning and other obstacles, as well as increasing funding for federal housing vouchers and reforming them.

Mike’s proposals to expand the Earned Income Tax Credit (EITC) focus on the need for effective programs to raise the incomes of low-wage workers, encourage economic participation, share the gains of growth more broadly, and do as much as possible to end poverty. The proposals call for reforming the EITC to make it much more generous, especially for single childless workers, as well as simplifying the rules so that the credit is easier to administer. He also proposed a pilot program to expand the EITC benefit to cover family caregiving and other forms of unpaid or ineligible employment, with the goal of making this an integral part of his EITC reform.

The proposal will also increase the Child Tax Credit to make it fully refundable, and phase it in faster, starting with the first dollar of earnings. The Child Tax Credit currently works alongside the EITC and raises the incomes of almost all working families, but it does too little for the poorest households.

Mike further calls for the minimum wage to be raised to $15 an hour by 2025 and then to be indexed to growth in median earnings.

“I’m running for president to reunite and rebuild our country — because too many Americans are struggling just to get by, and they’ve been ignored by Washington for too long,” said Mike Bloomberg. “The proposals we announced today reflect my determination to wage war on poverty — a more innovative and effective war, not business-as-usual, and one that engages trailblazing local leaders like Mayor Tubbs.”

“I hate poverty, and am excited to have worked with Mike Bloomberg on this proposal that helps to rebuild the middle class and extends the definition of work to those serving as caregivers who are not usually compensated” said Mayor Michael Tubbs. “Furthermore, homelessness and housing are two of the top issues facing our cities nationwide and the proposal shared today by Mayor Bloomberg, demonstrates he has the commitment, the experience and the know how to tackle our most pressing problems.”

“The EITC is a critical lifeline for millions of working Americans whose hard earned paychecks aren’t enough to pay the bills,” said José Cisneros, San Francisco Treasurer, and co-chair of the Cities for Financial Empowerment Coalition. “I’ve worked with Mike for more than a dozen years on Financial Empowerment issues. As Mayor, Mike Bloomberg used the Earned Income Tax Credit to catapult the financial standing of low-income New Yorkers. These proposals to strengthen the EITC and Child Tax Credit reflect both his deep understanding and ability to champion needed reform to benefit families across the country.”

“As mayor, Mike Bloomberg made sure we had the resources and leadership to drive the nation’s most ambitious affordable housing plan forward, one that created and preserved 165,000 affordable homes for more than half a million hardworking New Yorkers. As president, he will ensure we reverse the hostile policies of the Trump Administration, and will restore funding to programs that help create safe, affordable homes for low-income families, senior citizens, veterans, and the homeless. Mike understands that everybody deserves a place they’re proud to call home, and as president I know he’ll work tirelessly to ensure we’re creating a more equitable, affordable and compassionate America,” said Rafael E. Cestero, former commissioner of the NYC Department of Housing Preservation and Development.

Read about Mike’s Record here.

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