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by Prosperity Now category: Cause
Each year, the Earned Income Tax Credit (EITC) supports the financial stability of over 25 million low- and moderate-income workers by reducing their federal tax burden. In 2017, the average EITC refund was $2,470. Beyond encouraging work, the EITC refund gives millions of households an opportunity to catch up on bills, provide for their families, and save for emergencies or their future. Studies on the impact of the EITC have found that children living in households that receive the credit have improved health and educational outcomes. For such a modest program, it goes a long way to help lift people out of poverty.
The federal EITC has been so effective that 29 states and DC have enacted a state EITC to further boost economic mobility for workers. These are often based on a percentage of the federal EITC, and some states have a refundable credit that allows those who do not owe taxes to still receive the credit as a refund.
Prosperity Now works to ensure everyone in our country has a clear path to financial stability, wealth and prosperity.