In 2013, 1,012,292 households in Illinois claimed the federal EITC. According to new data released by the Brookings Institution, 867,541 households claimed the Child Tax Credit that same year.
These credits total over 3.5 billion dollars, which went directly to low-income families in Illinois. The lump sum received by these households at tax time, enable workers to plan for their financial future. The credits help working families make ends meet, spend down debt, save for the future, and stimulate economic growth in local communities.
The federal EITC lifts millions out of poverty each year. Unfortunately, 50 million Americans, including 25 million children, will lose part or all of their tax credits if Congress does not take action. We need you to be part of the fight to help save the EITC and CTC.
Many IABG partners help prepare taxes for Illinois residents each year. As tax preparers, please join our partners at the Tax Opportunity Network by signing on to a letter urging Congress to take action this year. You can read the letter and add your organization here.
To find data on tax returns in your local community visit Brookings Interactive Resources.