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Tax credits help poor families
Jun. 14, 2014 1:00 pm
Fifteen percent of Americans and more than 1 in 5 children live below the poverty line or $23,624 for a family of four. Despite the needs of low income families, Congress is considering $300 billion in tax breaks to large corporations. Though tax breaks would be made permanent, there is no corresponding provision to offset this cost. They would be added to the deficit.
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low income working individuals and families. It is the largest poverty reduction program in the U.S. The Child Tax Credit (CTC) is a partially refundable tax credit for families with children. In 2012 the EITC and CTC lifted 10 million people out of poverty. These credits are scheduled to expire in 2017. If that happens, 12 million Americans including 7 million children will fall into or deeper into poverty. These credits should be made permanent. Please urge your senators and representatives to oppose efforts to make corporate tax breaks permanent while ignoring expiring EITC and CTC improvements impacting 12 million Americans.
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