Partnership between Opportunity Nation and National Community Tax Coalition Provides Helpful Lens for Looking at Poverty
When most people think of taxes, they typically don’t make a connection to the idea of “economic opportunity.” But the truth is, tax time is a crucial moment for many American families who are able to take advantage of refundable tax credits for which they may qualify. These include the Earned Income Tax Credit (EITC), the Child Tax Credit (CTC), or the American Opportunity Tax Credit (AOTC). Qualifying families can use their refunds to pay for basic needs or use the money as a catalyst to start saving in case of emergency, such as opening a savings account or buying a U.S. Savings Bond. In addition, the heightened attention paid to family finances at tax time can open the door to other services, such as credit counseling or receiving assistance with the Free Application for Federal Student Aid (FAFSA). 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
With elections behind us, our national leaders are returning to Washington for this Congress’ final weeks of session, and must come together on a plan to avoid the dangers of the so-called “fiscal cliff.” But what is that cliff, and what does it signify for Americans in need?
The cliff refers to two things, and their combined effects: Read the rest of this entry
CFED recently released new data on the strength of state policies that help families create financial security and opportunity. These data capture policy changes that occurred in the 2012 state legislative session, or for which data became available after fall 2011.
You can see which states were the winners and losers using the interactive map, which shows net policy gains and losses across the country, and describes the changes in each state. You can also read an analysis of recent changes for each policy. Read the rest of this entry
As we honor the value of hard work, Labor Day provides a particularly good opportunity to reflect on the efforts of families who often work the hardest but still struggle to attain financial security.
Adding to that perspective is a timely, new report by the Marguerite Casey Foundation called “’Skin in the Game’: The Federal Tax System, Tax Reform , and Poor Families.” It reiterates the fact that those working-poor households who pay no federal income taxes nonetheless contribute substantially to the government that serves us all. Read the rest of this entry
We at NCTC can’t believe it’s already August, either. While this summer has been flying past, we’ve been gearing-up our advocates, preparing them to meet with their elected officials while they are in their home districts during the August recess. If you’re not already part of those important plans, we strongly encourage you to join us.
There’s a lot at stake for working families right now. This December will mean expiring tax provisions – ranging from the 2001 and 2003 tax cuts, to more recent improvements in the Earned Income Tax Credit and the Child Tax Credit, to the very existence of the American Opportunity Tax Credit – unless Congress works to extend them. Read the rest of this entry