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Financial Well-being: At the Convergence of People and Place – Reflections from a Chicago Conversation
This brief collection of writings is based on a convening, hosted by the Federal Reserve Bank of Chicago, to have a local conversation about financial well-being. This gathering was motivated by ?What It?s Worth,? a joint publication of the Corporation for Enterprise Development (CFED) and the Federal Reserve Bank of San Francisco, collecting insights from thought leaders across the country on the topic of financial capacity for families and communities.
Tax-time Savings: An Antidote to Financial Insecurity
The value proposition of ?What It?s Worth? is the opportunity, working collaboratively between the public, nonprofit and private sectors, to address the growing economic insecurity and financial stability plaguing a growing number of Americans. The results of countless polls and surveys evidence the financial uncertainty facing the least advantaged in our economy. The aftermath of the Great Recession and the loss of assets for many, combined with reduced job security, downward pressure on wages, and higher out-of-pocket health expenses are some of the drivers behind this insecurity.
EITC increases labor force participation among married Black mothers
Research has shown that the Earned Income Tax Credit, the largest of the U.S. antipoverty programs, boosts labor force participation among single mothers. It does not, in the aggregate, have the same effect on married mothers.
Tax Credits and the Debt Position of U.S. Households
This paper investigates the effect of tax credit receipt on the outstanding indebtedness of households. In particular, we use data on zip code level indebtedness to explore whether debt levels and past due amounts change more dramatically during tax refund season in those zip codes where households receive greater Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds. We see a substantial decline in debt past due in high tax credit zip codes during tax refund season indicating that some recipient households use tax refunds to repair their balance sheets. At the same ...
How Much Do Work Interruptions Reduce Mothers’ Wages?
Women experience large and persistent declines in earnings after having children, which in part reflects fewer hours worked while children are young. Recent studies of large policy-induced changes in mothers’ work experience in the 1990s quantify the impact of avoiding lengthy work interruptions after childbirth. The analysis shows that mothers who return to work a year sooner after childbirth earn 5-6% higher wages 10 to 20 years later. Thus, policies that encourage mothers’ return to work can lead to large improvements in their lifetime earnings.
Houstonians Get Their ABCs
For many years, low-income families, the elderly, non-English speakers and taxpayers with special needs have learned about the availability of the Earned Income Tax Credit (EITC) though the Internal Revenue Service's Voluntary Income Tax Assistance (VITA). Now, thanks to a new community-based partnership of social service agencies, federal and local government entities, faith-based organizations, local businesses and financial institutions, Houstonians will have access to more than just free tax preparation.
The Importance of Filing for the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) encourages work and reduces poverty by rewarding low- and moderate-income working families at tax time. Low-wage workers may receive the EITC even though they owe no tax or are not required to file. When the EITC amount exceeds their tax liability, the Internal Revenue Service (IRS) will still refund the balance.
EITC initiatives in the Fed's Eleventh District
Throughout the Eleventh District, communities are taking innovative steps to get the word out about the Earned Income Tax Credit.
Long-Run Effects of Incentivizing Work After Childbirth
This paper identifies the impact of increasing post-childbirth work incentives on mothers’ long-run careers. We exploit variation in work incentives across mothers based on the timing of a first birth and eligibility for the 1993 expansion of the Earned Income Tax Credit. Ten to nineteen years after a first birth, single mothers who were exposed to the expansion immediately after birth (“early”), rather than 3 6 years later (“late”), have 0.62 more years of work experience and 4.2% higher earnings conditional on working. We show that higher earnings are primarily explained by ...
Earned Income Tax Credit: Bank One Program Helps Low-Income Taxpayers
Twenty-five percent of single and married people eligible for the Earned Income Tax Credit did not claim it, leaving $830 million in unclaimed refunds for the 2000 tax year in Texas, according to the Stakeholder Partnership Education and Communication (SPEC) office of the Internal Revenue Service.