The recent releases of House Ways and Means Committee Chair Dave Camp’s tax reform discussion draft and President Obama’s 2015 budget proposal are out for review, and the Community VITA field will have plenty of reason to keep our eyes on both. Not the least of which are the two plans’ proposals to reform the Earned Income Tax Credit. Read the rest of this entry
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
NCTC, in partnership with 15 other national organizations, held an educational briefing for a full room of bi-partisan congressional staff on January 30th to celebrate National EITC Awareness Day.
Tracy Fischman, NCTC board member and AccountAbility Minnesota Executive Director, moderated the panel and emphasized the EITC’s success fighting poverty, which is important to reflect on considering this is the 50th anniversary of the War on Poverty. She also described how Volunteer Income Tax Assistance (VITA) programs provide quality tax preparation services, helping those who qualify for the credit claim it. Read the rest of this entry
Advocates point to the success of the EITC specifically for women and children
Washington, D.C. – As this year marks the 50th anniversary of the War on Poverty, national policy and advocacy groups gathered Thursday to discuss the success of the EITC as an effective anti-poverty measure at a congressional briefing. The panel also focused on how the credit benefits women and children, as the growth in women’s employment tends to be in low-wage jobs with few, if any, benefits.
This briefing was in coordination with National EITC Awareness Day, a day designated by the IRS to call attention to the tax credit, and to ensure that people who qualify claim it. The EITC is widely acclaimed as one of the nation’s most effective anti-poverty policies, keeping approximately 6.6 million Americans – about half of them children – out of poverty each year. Read the rest of this entry
In recognition of EITC Awareness Day, Goodwill Industries International stands with our partners as we continue to ensure that all eligible families have the chance to keep more of the money they’ve earned and get the tax credits for which they qualify.
We partner with the Internal Revenue Service (IRS) to inform filers across the country about their eligibility for the Earned Income Tax Credit (EITC) and connect them with free tax assistance. Many of our local Goodwill® agencies are promoting EITC in their communities and operating Volunteer Income Tax Assistance (VITA) sites to provide free tax preparation services to workers and residents who qualify. Read the rest of this entry
R. Camille Henry is a junior high school teacher who just finished a master’s program in clinical counseling. She is also the proud mother of a ten-year-old son. She will be speaking at NCTC’s EITC briefing at the U.S. Capitol Visitors Center on January 30th.
The EITC has proven to be quite a beneficial credit to my family. As a young single mother, the EITC has allowed me to continue my educational journey, career aspirations and, most importantly, provide for the needs of my family. I used this supplement as financial support for school and to register my son for camp while I worked a part-time job during the summer months. I was able to finish my associate’s and bachelor’s degrees with the support of this credit and fulfill my dream of becoming a teacher. Read the rest of this entry