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

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

Sandy Gerber Community Developing Senior Venture Manager

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

The EITC provides an immediate, quantifiable, and usually significant escalation in the earnings of low-wage-earning households. Nevertheless, throughout the decade that is past the impact regarding the EITC happens to be afflicted with the growth associated with the reimbursement expectation loan, or RAL. RALs are short-term loans supported by the EITC along with other refunds which are forthcoming from the irs (IRS).