Working Families Lose $3 Billion In Benefits?

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As the 2008 tax filing deadline is fast approaching and millions of families are struggling in the economic recession, CDF has released a report that finds low-income families lose billions of dollars each year to predatory commercial tax preparers and highlights the importance of tax credits for working families.

The report found that in tax year 2006, low-income families lost $3.1 billion of their Earned Income Tax Credit (EITC) benefits to high-interest, short-term loans, tax preparation fees and other financial products issued by commercial tax preparers.

The EITC, a refundable federal tax credit for low- and modest-income workers, is one of the most effective tools for lifting families out of poverty. According to the Center on Budget and Policy Priorities, the most recent estimates show that the EITC lifted 4.4 million low-income Americans out of poverty—including 2.4 million children. The benefits of the EITC are far-reaching. They help families make ends meet during tough economic times, improving children's well-being, and significantly benefiting our economy and community as a whole.

Visit the CDF website to:

  • Download the report.
  • Find out how much your city, county or state has lost to predatory commercial tax preparers.
  • Find out if you are eligible for the EITC.
  • Locate a free tax preparer site near you (including this weekend's "Super Saturday" locations).
  • Learn how individuals, communities and policy makers can step up and take action.

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