The following is a cross-post from Tax Credits for Working Families’ blog.
What does it really take for a family to “get by”? Gallup has been asking Americans that question for nearly 80 years. Their most recent survey shows that Americans believe that a family of four needs nearly $60,000 a year to make ends meet in their community. Almost forty percent of respondents picked an income between $50,000 and $75,000; another 22 percent picked between $30,000 and $50,000 while 18 percent picked over $75,000 and 13 percent had no idea. Only 7 percent thought a family could get by with less than $30,000 in income. (By comparison, the official federal poverty level for a family of four is considerably lower—under $24,000.) Read the rest of this entry
Tax credits that help working families make ends meet should be treated as no less important than tax benefits exclusive to the very wealthiest of households. In fact, they’re even more critical to the overall stability of our nation’s economy.
Thus, NCTC has obtained the signatures of more than 300 local, state, and national organizations for a letter supporting new legislation to protect and strengthen the Child Tax Credit (CTC) and (EITC). Read the rest of this entry
An estimated two-thirds of taxpayers claiming the Earned Income Tax Credit (EITC) turn to commercial preparers for help filing their tax returns.
However, basic Internal Revenue Service (IRS) regulation of such preparers – setting minimum training and licensing standards – was halted by a federal district court judge in January. That makes the latest report on improper EITC payments particularly frustrating. Read the rest of this entry
The first major state-EITC proposal to cross a legislative finish line in 2013 is a huge disappointment, threatening tougher times for working families in North Carolina.
Governor McCrory now has signed into law a measure cutting the value of his state’s Earned Income Tax Credit by 10 percent for one year and allowing it to expire entirely after that. About 900,000 low- and moderate-income households face tax increases as a result. Read the rest of this entry
The Community VITA field just wrapped-up yet another successful observance of EITC Awareness Day, which is used to promote the Earned Income Tax Credit and the valuable assistance it gives to hardworking, low- and moderate-income families. In 2011, this tax credit was responsible for keeping more than 6 million people – including about 3 million kids – out of poverty. And yet, the IRS estimates that each year, 1 in 5 eligible taxpayers fails to claim it.
NCTC hosted a Congressional briefing in Washington, DC on Jan. 24, co-sponsored by 19 other national policy and advocacy partner organizations, entitled “Together Strengthening Working Families: The Federal & State Earned Income Tax Credits.” The event drew more than 70 attendees, including many staff members from both the House and the Senate, and both Democrat and Republican offices. Read the rest of this entry
NCTC and the Aspen Institute Economic Opportunities Program (EOP) are pleased to announce the transition of the EITC Platform from Aspen EOP to NCTC.
Available to the free tax preparation field since 2007, the EITC Platform was developed as a project of the Aspen Institute EOP with NCTC’s partnership, sponsored by the Annie E. Casey Foundation and powered by CCA Global Partners. Its track record of providing top quality and much-needed resources to VITA programs has proven it an invaluable tool in the ongoing effort to strengthen our members’ service to lower-income families. Read the rest of this entry