Why is Awareness Important? IRS estimates four of five eligible taxpayers claim and get the EITC. Best of all, EITC combined with the CTC/ACTC/ODC is a financial boost for working people and your local economy. EITC and the CTC greatly reduce poverty for working families. The Center on Budget and Policy Priorities asserts that in 2018 the EITC lifted 5.6 million people above the poverty line, including nearly 3 million children, based on the Supplemental Poverty Measure (SPM). The EITC and Child Tax Credit together lifted 10.6 million people above the SPM poverty line and made poverty less severe for 17.5 million others in 2018. (CBPP, April 28, 2023, Chuck Marr, Kris Cox, John Wancheck and Stephanie Hingtgen). (https://www.irs.gov/newsroom/irs-partners-highlight-eitc-awareness-day-with-tax-resources-that-benefit-millions-of-low-and-moderate-income-workers)
Resources:
Internal Revenue Service (IRS) - https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit-eitc
Office of the Comptroller of the Currency - https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-5.html