Value of Earned Income Tax Credit highlighted at Capitol
Over 300,000 hard-working Colorado families receive more than $680 million in refunds under the Earned Income Tax Credit (EITC). The EITC lifts thousands of low- and moderate-income workers out of poverty every year, the majority of whom have children.
According to the Brookings Institution, the EITC combined with the Child Tax Credit lowered the national poverty rate by 2.8 percent in 2011. In fact, Brookings estimates that these credits lifted between 120,000 to 200,000 Coloradans out of poverty between 2009 and 2011.
There is clearly a need for this help. Citing data from the Bell, Lt. Governor Joe Garcia, above, pointed out that the number of working families living in poverty increased by almost 16,000, or about 50 percent, between 2004 and 2011.
To help Colorado families file their income taxes and claim the EITC, a network of free tax preparation sites has been set up throughout the state. These sites are supported by the Piton Foundation, Colorado's Community College System and Wells Fargo. To learn more about the EITC and the free tax preparation sites click here.
Article posted on February 6, 2014