This Week’s Must-Read: Census Data Highlight the Impact of Tax Credits on Poverty
The IRS releases inflation adjustments for the coming year, Census data reveal how tax credits help decrease poverty, and a Missouri State Representative candidate pushes for a state EITC.
- Center on Budget and Policy Priorities’ Census data analysis finds the EITC and CTC lifted 9.8 million Americans out of poverty and made an additional 22 million people less poor in 2015.
- IRS inflation adjustments increase the maximum value of the EITC to $6,318 in 2017.
- Parents annually spend an average of $10,192 per child on day care. Tax benefits like the Child Tax Credit and Child and Dependent Care Credit can help ease the financial burden for parents.
- Candidate for Missouri State Representative, Thomas Quinn, wants to establish a state EITC that those eligible for the federal EITC can claim.
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