Monthly Archives: September 2012

“Sequestration” = Big VITA Losses for Families

VITA Budget

Could tens of thousands of families lose access to VITA’s free tax preparation services in 2013?

 

The federal VITA grant appears destined for an 8.2 percent cut – about $984,000 – under across-the-board budget reductions scheduled to take place in January. This VITA damage could affect services for up to 34,700 households, by NCTC calculations. And it’s just one example of how so-called “sequestration” cuts could erode crucial education, health care, and human services, unless Congress soon takes action to avoid what otherwise will amount to a full 10 years of such annual reductions.

Those drastic measures are rooted in the way policymakers decided to approach federal deficit reduction late last year: Read the rest of this entry

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New NCTC Paper: Building Families’ Long-Term Financial Security

Building Long-Term Financial SecurityNCTC recently released its latest paper, “Building Long-Term Financial Security,” presenting a brief, lay-of-the-land description of savings policy as it connects to tax time and VITA programs. For the past decade, the Saver’s Credit has been a primary incentive policy for encouraging savings – more precisely, retirement savings – among low- and moderate-income taxpayers through the tax code. Meanwhile, over the same period, this credit has shown little effect on actually increasing the number of lower-income families with long-term savings.

Recognizing this, several research projects undertook efforts to promote the Saver’s Credit and retirement savings at VITA sites. What we’ve learned from these projects so far is that the Saver’s Credit isn’t necessarily moving the needle on increasing the financial security of these households, and focusing on retirement savings alone may be missing the mark. Read the rest of this entry

All We’ve Accomplished

On Tuesday night, we celebrated our 10th anniversary with our affiliates and partners. Thanks to the dedication of these partners, our Congressional champions, and your hard work, the past decade has bee full of successes. To celebrate these successes, and to look to the next 10 years, we’ve put together a video featuring interviews with the members and partners who made our success possible.

On behalf of NCTC, thank you so much for your support the last 10 years. The millions of lives we’ve touched would not have been possible without your involvement and support. Here’s to the next 10 years!

P.S. Don’t forget to sign our birthday card!

By Dan Fair, Manager of Communications & Member Relations

Tax-reform Goals: Fairness, Adequacy, and Simplicity

We Need Tax ReformThe financial security of millions of hardworking families depends greatly upon a series of important federal tax and budget policy decisions to be made in the coming months.

Yet increasing calls for “tax reform” represent a potentially even bigger, longer-range backdrop of policy choices that could affect households for many years. NCTC aims to help shape any reform measures so they protect and strengthen the well-being of low- and moderate-income families, rather than add to their struggles.

Fairness, adequacy & simplicity: A principled approach to tax reform” lays-out three fundamental goals for any tax-policy efforts Congress might undertake in the coming months, or even beyond.  These recommendations aim to ensure any tax-reform moves: Read the rest of this entry

As Poverty Rate Remains Steady, So Does the Importance of EITC

CBPP ChartThe national poverty rate stopped rising in 2011, remaining relatively steady since the previous year at 15%, according to recent figures from the U.S. Census Bureau. While this means that more than 46 million Americans are still struggling to get by, evidence also indicates that crucial anti-poverty programs are effective.

But that’s still too high and too troubling a figure – and it’s clear that policies supporting people living near or below the poverty line are no less significant than when the poverty rate was rising to the well-being of struggling families. Read the rest of this entry

Request for Applications: NCTC and NetSpend Prepaid Debit Card Opportunity

NetSpend logo

NCTC is pleased to announce a Request for Applications (RFA) for a new prepaid debit card specially tailored for NCTC’s membership, offered in conjunction with NetSpend.

The initiative is designed to assist new and experienced programs enhance their tax preparation and asset building services, while helping clients establish more positive financial profiles. The prepaid debit card contract will operate from October 1, 2012 – September 30, 2015. Read the rest of this entry