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Strengthening the Earned Income Tax Credit: Alternatives to refund anticipation loans

Sandy Gerber Community Developing Senior Venture Manager

Since its inception in 1975, the Earned Income Tax Credit (EITC) was lauded among the many income-enhancement that is important for low-wage employees. This program provides refundable tax credits to individuals who are working but whoever profits fall below a specific degree. For taxation 12 months 2008, the eligibility limit for the married few filing jointly, with several kiddies, had been significantly more than $41,000. The total amount of the credit was as much as $4,824, according to a member of staff's earnings, marital status, and wide range of qualifying young ones. In 2007, nearly 24 million working families and people received EITC refunds, which supplied near to $48 billion in additional income. 1/

The EITC provides a primary, quantifiable, and increase that is often substantial the earnings of low-wage-earning households. But, through the previous ten years, the effect regarding the EITC happens to be suffering from the growth for the reimbursement expectation loan, or RAL. RALs are short-term loans supported by the EITC as well as other refunds that are forthcoming from the irs (IRS).

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