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With a federal Volunteer Income Tax Assistance matching grant and a little less than $200,000 a year from the Iowa General Assembly, ISED Ventures of Des Moines helps low-income people prepare their taxes and claim the federal earned income tax credit.
Other ideas for similar accounts included special matching accounts that could be created with all or part of the funds from the federal earned income tax credit, which members access through their federal tax returns.
FamilySource will have a single application that will apply to such programs as health care, banking, discount utility rates, school lunch programs and the federal Earned Income Tax Credit program.
Schrader proposes eliminating the corporate income tax over a four-year period, cutting the capital gains tax in half (to 4 percent), reducing personal income taxes by 10 percent for the wealthiest taxpayers and 20 percent for the lowest bracket, and allowing low-income taxpayers to claim the full federal earned income tax credit on their state returns.
The federal Earned Income Tax Credit can also add more than $3,000 a year to the wages of individuals working full time for $7 an hour.
Second annual EITC awareness campaign provides valuable information in English and Spanish about the EITC and free VITA tax prep sites in 16 states NEW YORK -- Citi Community Development today released Money Matters, a market-specific publication appearing in 16 states across the United States that encourages working taxpayers to take advantage of refunds available through the federal Earned Income Tax Credit (EITC).
The long-standing federal Earned Income Tax Credit (EITC) puts cash into the hands of working poor families, and that can benefit local and state economies.
Fortunately, the federal Earned Income Tax Credit (EITC) administered by the Internal Revenue Service (IRS) does just that.