Financial Security Network Newsletter: September 2023
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What’s in an Individual Taxpayer Identification Number?
There are few nine-digit combinations that can be as useful as an Individual Taxpayer Identification Number (ITIN), but many people are not aware of its various applications. We’re here to demystify the ITIN.
An ITIN is a nine-digit number beginning with the number 9 issued by the Internal Revenue Service (IRS) to individuals who are required to have a taxpayer identification number for federal tax purposes but who do not have and are not eligible to get a social security number (SSN). ITINs are often, but not exclusively, used by undocumented taxpayers wanting to meet their federal tax obligations. In fact, the ITIN has several uses that can aid low- and moderate-income households in building financial security.
Read More About the Power of the ITIN Here [[link removed]] Take Action: Defend the Protections Combating Predatory Financial Practices
Banking protections for working families have been put on the chopping block by a Supreme Court case! The threat comes in the form of a case brought by a payday lending group where last year, the Fifth Circuit Court ruled the funding process for the Consumer Financial Protection Bureau (CFPB) was unconstitutional. In a few days, the Supreme Court will hear arguments and begin to decide the fate of this vital institution. It’s up to us to help ensure that the CFPB can continue to protect low-income households and communities of color against predatory banking.
Take Action to Protect Our People, Our Money, and Our Communities [[link removed]] Resources and Publications
Why Communities Leave Money on the Table: The Struggles and Strategies of Tax Credit Outreach [[link removed]] | Prosperity Now
This new resource shares outreach strategies that Volunteer Income Tax Assistance (VITA) sites designed and implemented to reach first-time filers and lapsed filers from underserved and vulnerable populations with the goal of removing structural barriers to filing and receiving the expanded Child Tax Credit benefit, economic impact payments and other tax benefits.
Moving from Pilot to Policy: The Future of Guaranteed Income [[link removed]] | Prosperity Now
This blog from Prosperity Now examines the future of Guaranteed Income and the movement of this policy in state and local governments. This issue and its implementation can help shape the battle against financial instability and income inequality.
How Workplace Banking Can Boost Financial Wellness [[link removed]] | Commonwealth
A lack of quality banking access is an issue for 25 million American households. New research from Commonwealth indicates an opportunity for financial institutions, fintechs, and employers to work together to build banking solutions that serve the needs of workers earning low and moderate incomes—particularly those who are Black, Latinx, and/or women.
Mapping the Wage Gap for Working Women of Color [[link removed]] | Prosperity Now
This brief examines the wage gap for women from different ethno-racial groups. Specifically looking at White, Black, Asian, and Hispanic women, this brief uses census data and a series of maps to show how the size and consistency with which women experience the wage gap can vary greatly along racial and ethnic lines.
How to Lead With Your Values When Talking About Financial Well-Being [[link removed]] | Prosperity Now
In this resource, Prosperity Now outlines how advocates within the economic justice movement can connect with decision-makers and other key stakeholders by identifying the underlying “why” and leading with core values.
Record Rise in Poverty Highlights Importance of Child Tax Credit; Health Coverage Marks a High Point Before Pandemic Safeguards Ended [[link removed]] | Center on Budget and Policy Priorities
This two-part brief shares some of the latest findings from the Center on Budget and Policy Priorities on how an expanded Child Tax Credit can improve outcomes for millions of families nationwide.
In the News
Working Class Does Not Equal White [[link removed]] | The Atlantic
That the words working class are synonymous in the minds of many Americans with white working class is the result of a political myth. As the award-winning historian Blair LM Kelley explains in her new book, Black Folk: The Roots of the Black Working Class, Black people are more likely to be working-class than white people are. Kelley’s Black Folk opens our minds up to Black workers, narrating their complex lives over 200 years of American history.
Poor Policy Choices Send Millions of Children into Poverty [[link removed]] | Prosperity Now
This press release responds to the newest Census data released earlier this month. The data shows that the supplemental poverty rate for children has more than doubled over the past year.
Upcoming Events & Opportunities
Empowering the Hispanic Community: Exploring FDIC Tools and Resources [[link removed]] | FDIC
Join our partners at FDIC and their initiatives during National Hispanic Heritage Month. During this webinar, attendees will learn more about the existing programs and tools designed for the Hispanic Community in mind. You can catch the webinar in both English and Spanish.
Event in English [[link removed]] | October 3 from 1 – 2:30 pm
Event in Spanish [[link removed]] | October 11 from 1 – 2:30 pm
1200 G Street NW, Suite 400, Washington, DC xxxxxx
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