The Earned Income Tax Credit (EITC) is recognized as one of the country’s most effective anti-poverty programs. Refundable tax credits including the EITC helped keep nearly 8 million Americans out of poverty in 2018.
It is because of this success that Economic Security Project is leading a campaign to expand and modernize the EITC to put more money in the pockets of those who need it most.
The Cost-of-Living Refund would increase the number of people eligible for the EITC by reaching further into the middle class, including workers without dependent children, and including workers starting at age 18. The policy would also broaden the definition of work to include family caregivers and low-income students. Learn more about the Cost-of-Living Refund and Economic Security Project’s campaign.
In recognition of #EITCAwarenessDay, here’s a look at the Cost-of-Living Refund by the numbers:
3.1 million: The number of households in ME and CA that will be helped with the rising cost of living and housing due to the recent EITC expansions.
153.7 million: The number of Americans that would benefit from a Cost-of-Living Refund, compared to 25 million Americans who received the EITC in 2019.
$400: The amount of an unexpected expense that 4-in-10 Americans say could push them into financial ruin.
$4,000: The amount an eligible individual could receive per year with a Cost-of-Living Refund. Married couples can receive up to $8,000.
$90,000: The maximum amount a family can make and be eligible for a Cost-of-Living Refund. The Cost-of-Living Refund reaches into the middle class to reduce financial instability.
43.5 million: The number of Americans that were unpaid caregivers in the last year. The Cost-of-Living Refund would broaden the definition of work to include family caregivers, putting money in the pockets of millions more people.