Low-wage parents can help their kids avoid poverty for decades if they get this one tax credit
from the National Bureau of Economic Research. The paper also determined a reduction in public assistance such as WIC in adulthood.
For those between the ages of 25 and 45, the study found that a $1,000 increase in annual exposure to EITC back when they were children led to a 4 percentage point increase in employment, with some evidence pointing to earnings increases for those in the bottom half of the earnings distribution.
The EITC is structured such that people start out eligible for zero benefits if they don't work, and as they earn more labor income, they qualify for more benefits. After a exceeding a certain income level, benefits then drop. How the tax credit can be restructured to assist those who need the benefits the most, though, is murky.
According to the IRS, those who qualify for the EITC must make less than $59,187. Those without qualifying children can claim the EITC between the ages of 25 and 64, and those filing for the EITC can claim up to nearly $7,000 in credits. For a short period during the pandemic, childless qualifiers could file if they were above 19.
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