Cory Booker and Kamala Harris Want a Monthly IRS Tax Credit for Rent

By KRISTON CAPPS: For More Info, Go Here…

The 2020 Democratic Party hopefuls are both planning bills that would create a tax credit for housing rental assistance every month. How would that work?

Senators Cory Booker and Kamala Harris both wrote legislation last year to help out rent-burdened households, and the Democratic lawmakers are buffing new versions of those bills for another push this session. According to aides, the new proposals could boast an unprecedented form of help for housing—a monthly rent check from the IRS. Either bill would represent a sea change for housing assistance and tax policy, especially if they reshape how credits and refunds work.

The dueling bills from declared White House hopefuls reflect the idea that the American housing crisis will be a 2020 election issue. The rent is way too damned high for far too many households in the U.S.: More than one-third of households nationwide pay more than 30 percent of their earnings toward the rent, the definition of rent burden. Some 7 million households are severely rent burdened, meaning they pay more than 50 percent of their income on rent. This burden falls hardest on extremely low-income households, since they must compete with households higher up the poverty ladder for the vanishingly small share of affordable apartments available.

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