Tax policy was at the center of many showdowns during the most recent “fiscal cliff” debates in Washington, D.C. Politicians argued about tax rate increases for the top 2 percent of earners. Pundits argued for and against tax deductions for charitable giving. Tax credits, for everything from home loans to child care, faced an uncertain future.
But one piece of policy – the Earned Income Tax Credit (EITC) – escaped unscathed. And for good reason. Many organizations that advocate for poverty alleviation championed that decision, among them the Center for American Progress. The infographic below, created by the Center, outlines some of the benefits of the EITC. Locally, the VITA tax preparation program helped local workers get $2,928,567 back through the EITC in 2011 and 2012.
Several Center for Working Families sites in Indianapolis offer VITA tax preparation services, in partnership with Indy’s Campaign for Financial Fitness. The Center for Working Families efforts focus on increasing assets, income and job readiness and are supported by The Indianapolis Foundation.
Learn more about CICF’s Family Success Initiative, which supports several Center for Working Families sites locally.