EITC and Child Tax Credit

2015 EITC Awareness Day

Each year millions of eligible workers risk missing out on receiving the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) because they do not know they qualify, do not know how to claim the credits, or do not know where to find free tax filing assistance. Outreach efforts can help ensure that eligible workers can receive the tax credits they’ve earned. January 30, 2015 is EITC Awareness Day.

 

Chart Book: The Earned Income Tax Credit and Child Tax Credit

The Earned Income Tax Credit and Child Tax Credit are successful federal tax credits for low- and moderate-income working people that encourage work, help offset the cost of raising children, and lift millions of people out of poverty.

Related:

 

Letting Key Provisions of Working-Family Tax Credits Expire Would Push 16 Million People Into or Deeper Into Poverty

More than 16 million people in low- and modest-income working families, including 8 million children, would fall into — or deeper into — poverty in 2018 if policymakers fail to make permanent key provisions of two important tax credits.

Some 50 million Americans, including 31 million children, would lose part or all of their Child Tax Credit or Earned Income Tax Credit.

Related Interactive Graphic: What Would Congress’s Inaction Cost Working Families?

Background

The Earned Income Tax Credit (EITC), a federal tax benefit for low- and moderate-income workers, reduces the impact of the payroll and income taxes they pay; it also supplements the earnings of very low-wage workers.  Building on the EITC’s success, roughly half of the states have enacted state EITCs, which offset state taxes and supplement wages for low-income workers.

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