About the Cost-of-Living Refund
We are living in a time of record income inequality and volatility, where workers struggle to meet basic needs and achieve financial security. By modernizing the Earned Income Tax Credit (EITC), we can create a powerful and practical plan to help low-income and middle-class people.
One of the best policies to provide economic stability to working people, the EITC is our nation’s most effective anti-poverty policy, as a cash policy that gives people the tools to solve their own problems. Yet, in its current form, the EITC cannot fully address the needs of hard-working families in an economy shaped by low-wage work and high concentrations of wealth. Today, 57% of Americans can't afford a $500 emergency, with worse rates among people of color. A voter in an Arizona focus group said, “I’m one emergency away from financial ruin.”
A Cost-of-Living Refund will help Americans with the rising cost of living and housing. Learn more:
FEDERAL: A federal Cost-of-Living Refund offers a strong economic policy to address poverty and reduce financial instability.
STATE: A number of state groups are also pushing to expand and modernize the EITC in their states, offering an opportunity to see a Cost-of-Living Refund on a local scale while paving the way for a similar policy on the federal level.
POLLING: The Cost-of-Living Refund has been shown to be widely popular and addresses people’s top concerns on achieving financial stability and making ends meet.
MODERNIZATIONS: While the Earned Income Tax Credit has been proven to be one of the most effective anti-poverty measures instituted, the Cost-of-Living Refund offers bold changes that draw on the benefits of the existing EITC and adjusts the policy to new challenges of today. Learn about expanding eligibility to family caregivers and students, monthly payments, simplified automatic filing to improve access, and how a modernized EITC works with an increased minimum wage.
EITC BACKGROUND: Learn about the Earned Income Tax Credit and the evidence on the power of cash transfers as one of the most efficient and effective ways to help people.
TAX FAIRNESS: The need for the Cost-of-Living Refund comes at this moment in time of record income inequality exacerbated by the tax code.
KEY FACTS: Interested in more statistics related to the Cost-of-Living Refund?
SOCIAL MEDIA: Stay connected to the campaign and share about the Cost-of-Living Refund!