U.S. Senators Tammy Baldwin and Bill Cassidy Lead Bipartisan Resolution to Recognize Earned Income Tax Credit Awareness Day
Tax credit for workers gives financial boost to millions of Americans and their families, including more than 358,000 Wisconsinites
WASHINGTON, D.C. – U.S. Senators Tammy Baldwin (D-WI) and Bill Cassidy (R-LA) today introduced a bipartisan resolution to recognize tomorrow, January 29, 2021 as Earned Income Tax Credit (EITC) Awareness Day and highlight the financial benefits of this tax credit that promotes work and has helped lift millions of working families with children out of poverty.
“For many years, the Earned Income Tax Credit has provided our workers and families a financial boost that rewards their hard work and helps grow our economy,” said Senator Baldwin. “As we continue addressing the economic fallout caused by this pandemic, we know we need to do more to lift people up and out of poverty quickly. By introducing this bipartisan resolution, I’m working to raise awareness of this tax credit so that all eligible Wisconsin workers and families can keep more of what they’ve earned.”
“The Earned Income Tax Credit is vital for low-income families. For 2020, families can claim the credit using 2019 earnings, so the credit amount will not be lowered due to lost wages suffered during the pandemic. This resolution raises awareness for this resource so that more families can keep more of the money they earned. This is targeted policy that benefits those most affected by COVID-19,” said Dr. Cassidy.
“The Earned Income Tax Credit is a critical tool to help low-income, hardworking families and individuals in Wisconsin cover essential costs of living. At West Central Wisconsin Community Action Agency, Inc. (West CAP), our mission is to take action against poverty by helping families and communities access the tools they need to succeed. We commend Senator Baldwin for her leadership on this issue,” said Peter Kilde, Executive Director of West CAP.
“The Earned Income Tax Credit is crucial for hard-working Wisconsinites. At Project Concern, our food pantry serves Cudahy and St. Francis and we do our best to inform our patrons of the Earned Income Tax Credit (EITC). We strongly support EITC Awareness Day and Senator Baldwin’s resolution,” said Patrick Higgins, Agency Director for Project Concern in Cudahy, Wisconsin.
“As one of the nation’s largest and most effective anti-poverty programs, the EITC is uniquely positioned to support work, boost local economies, and promote financial stability for individuals and families, especially for families of color who disproportionately work in jobs that pay a low wage. The EITC reduces poverty among communities of color and helps promote racial equity. During the COVID-19 crisis, it is even more essential that frontline workers know about their EITC eligibility. We are proud to work with Senator Baldwin, who has long been a champion of the EITC, to bring increased awareness to the EITC so that eligible workers have access to the full benefits of the credits,” said Olivia Golden, Executive Director of Center for Law and Social Policy (CLASP).
The EITC is a refundable tax credit that rewards work. Research shows the vital credit helps keep children healthy, helps students do better in school and boosts earnings in future generations. In 2018, the EITC lifted about 5.6 million people out of poverty, including approximately three million children. Yet, millions of workers are unaware of the credit and their eligibility. An estimated one out of five eligible workers do not claim the EITC.
In 2018, 358,720 Wisconsinites claimed the EITC when filing their taxes, receiving an average amount of $2,247 per household.
The resolution is also cosponsored by Senators Sherrod Brown (D-OH), Cory Booker (D-NJ), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Dick Durbin (D-IL), Mazie Hirono (D-HI), Amy Klobuchar (D-MN), Sheldon Whitehouse (D-RI), Jack Reed (D-RI), Chris Coons (D-DE) and Dianne Feinstein (D-CA).
The full resolution is available here.
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