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Report Reveals How Volunteer Income Tax Assistance Offers Vital Relief for the Poor at Tax Time
Bread for the World Institute will release a new report on April 7, on the Earned Income Tax Credit (EITC) and savings to taxpayers who use Volunteer Income Tax Assistance (VITA) programs. The report, "Asset Building at Tax Time: Scaling Up Volunteer Income Tax Assistance," includes fact sheets for the 50 states and the District of Columbia.
WASHINGTON, April 7, 2008 /PRNewswire-USNewswire/ -- Bread for the World Institute will release a new report on April 7, on the Earned Income Tax Credit (EITC) and savings to taxpayers who use Volunteer Income Tax Assistance (VITA) programs. The report, "Asset Building at Tax Time: Scaling Up Volunteer Income Tax Assistance," includes fact sheets for the 50 states and the District of Columbia.
The EITC is a crucial resource for the nation's low-income families, raising nearly 4.5 million Americans out of poverty each year. It is the most effective federal anti-poverty and work-support program and enjoys wide bipartisan support in Congress. But most EITC filers spend hundreds of dollars for commercial tax preparers to navigate the notoriously complex rules for filing, an unnecessary expenditure of their limited household budgets. In addition, commercial tax providers encourage taxpayers to take out Refund Anticipation Loans (RAL), which have annualized interest rates of up to 700 percent. EITC filers pay more than $1 billion per year in RAL fees.
The new Bread for the World Institute research explores a sorely underused, but effective money-saving alternative and shows the impact of scaling up VITA programs nationwide. The VITA program manager from Community Action Project in Tulsa will talk about how VITA has been successfully implemented in Oklahoma.
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