Financial Security Network Newsletter: January 2024
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EITC Awareness Day is TOMORROW!
The Earned Income Tax Credit (EITC) is one of the most powerful tax credits for millions of households nationwide. Last year alone, 31 million filers were able to claim $64 billion from this bipartisan, historic credit. That’s an average of $2,500 that can be used for catching up on bills, building a safety net, and saving for the future!
Even with this large impact, an estimated one in five EITC-eligible filers do not claim it. Join us tomorrow, January 26, for EITC Awareness Day! You can use our brand-new EITC Awareness Day toolkit. You can find sample social media messages, shareable graphics, state-level data sheets, and more! We’re thrilled to share the importance of this vital credit – we hope you join us!
We Want a “Perfect” Child Tax Credit Expansion, But Let’s Not Let That Get in the Way of Progress for Families
As Congress is hard at work trying to keep the government from shutting down, they’ve also made progress on some critical legislation for families and children with a bipartisan tax package that expands the current Child Tax Credit (CTC). While this deal does not include what we see as the essential elements the Child Tax Credit needs to make it an ideal tool to cut child poverty in half, it improves upon the Child Tax Credit and will reportedly lift 400,000 kids out of poverty.
Read more to learn why Congress should pass this new bipartisan tax package as a first step to cutting child poverty once again.
Resources and Publications
About 16 Million Children in Low-Income Families Would Gain in First Year of Bipartisan Child Tax Credit Expansion | Center on Budget and Policy Priorities
As a part of the new bipartisan Child Tax Credit expansion, millions of households can utilize these credits to meet their financial goals, save for the future, and build their safety net. Read this research piece from our partners at the Center on Budget and Policy Priorities to find out more about this new expansion and how the specific nature of the credit is targeted to those who need it the most.
From Start to Exit: Insights and Implications from Former Entrepreneurs of Color | Prosperity Now
Starting a new business is a dream for many people, including Black and Brown entrepreneurs. Our latest research report aims to understand the impacts of former entrepreneurs and their experiences. You can read to learn about stark disparities in profit and loss, specific operational challenges for entrepreneurs of color, and more!
UnidosUS teams up with Latinx content creators for financial empowerment | UnidosUS
In this unique blog, our partners at UnidosUS share some of their social media posts that they curated with Latinx content creators to share information on financial matters with their specific audiences. You’ll be able to see these posts and how they promote financial literacy and dispel common money myths for these influencer audiences.
Demystifying the New SBA Rules: What This Means for Entrepreneurs of Color | Prosperity Now
During this LinkedIn Live event, Prosperity Now hosted two experts to tackle some of the latest changes to the Small Business Administration (SBA) rules and how entrepreneurs of color can prepare themselves for these new shifts.
In 2024, State Policymakers Should Continue to Prioritize Providing Unrestricted Income Assistance to Families | Center on Budget and Policy Priorities
As a reflection on the year that was, two experts highlighted some of the key strategies for providing income assistance in 2023. These include new allowances in state TANF and expansion of state child tax credits. Read this piece to see what happened in 2023 for income assistance and what it means for the communities served.
The new Child Tax Credit deal is really a safety net deal—and by that measure, it is only a start | Brookings
In this article, our partners at Brookings highlight the potential expansion in the Child Tax Credit and what it means for different household structures. It also makes the case that these expansions can and should go further in order to create the broadest and most impactful safety net.
Understanding Latino wealth to address disparities and design better policies| Brookings
In the lead-up to the 2024 presidential election, Latino voting behavior will be widely discussed, as Latino voting patterns are remarkably nuanced and vary by region, age, gender, and national origin, among other factors. Candidates, campaign consultants, journalists, and policymakers should expect economic issues to be a top concern for Latinos, as in previous election cycles. In light of this, it is worth examining Latinos’ current economic condition in the United States.
