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How Do Eitc Recipients Spend Their Refunds
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Book Synopsis How Do EITC Recipients Spend Their Refunds? by : Andrew Goodman-Bacon
Download or read book How Do EITC Recipients Spend Their Refunds? written by Andrew Goodman-Bacon and published by DIANE Publishing. This book was released on 2009 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors determine what items are purchased using the earned income tax credit (EITC) -- one of the largest sources of public support for lower-income working families in the U.S. They find that recipient households¿ EITC payments are used primarily for vehicle purchases and transportation spending, both of which are crucial to job access and consistent with the EITC¿s pro-work goals. Tables and figures.
Book Synopsis How Do EITC Recipients Spend Their Refunds? by : Andrew Goodman-Bacon
Download or read book How Do EITC Recipients Spend Their Refunds? written by Andrew Goodman-Bacon and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors determine what items are purchased using the earned income tax credit (EITC) - one of the largest sources of public support for lower-income working families in the U.S. They find that recipient households' EITC payments are used primarily for vehicle purchases and transportation spending, both of which are crucial to job access and consistent with the EITC's prowork goals.
Book Synopsis It's Not Like I'm Poor by : Sarah Halpern-Meekin
Download or read book It's Not Like I'm Poor written by Sarah Halpern-Meekin and published by Univ of California Press. This book was released on 2015-01-14 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of welfare has changed radically. As the poor trade welfare checks for low-wage jobs, their low earnings qualify them for a hefty check come tax time—a combination of the earned income tax credit and other refunds. For many working parents this one check is like hitting the lottery, offering several months’ wages as well as the hope of investing in a better future. Drawing on interviews with 115 families, the authors look at how parents plan to use this annual cash windfall to build up savings, go back to school, and send their kids to college. However, these dreams of upward mobility are often dashed by the difficulty of trying to get by on meager wages. In accessible and engaging prose, It’s Not Like I’m Poor examines the costs and benefits of the new work-based safety net, suggesting ways to augment its strengths so that more of the working poor can realize the promise of a middle-class life.
Book Synopsis The Financial Diaries by : Jonathan Morduch
Download or read book The Financial Diaries written by Jonathan Morduch and published by Princeton University Press. This book was released on 2017-04-04 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on the groundbreaking U.S. Financial Diaries project (http://www.usfinancialdiaries.org/), which follows the lives of 235 low- and middle-income families as they navigate through a year, the authors challenge popular assumptions about how Americans earn, spend, borrow, and save-- and they identify the true causes of distress and inequality for many working Americans.
Book Synopsis Advance Earned Income Tax Credit by : United States. Internal Revenue Service
Download or read book Advance Earned Income Tax Credit written by United States. Internal Revenue Service and published by . This book was released on 1994 with total page 2 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Making Work Pay written by Bruce D. Meyer and published by Russell Sage Foundation. This book was released on 2002-01-10 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its inception under President Ford in 1975, the Earned Income Tax Credit (EITC) has become the largest antipoverty program for the non-elderly in the United States. In 1998, more than nineteen million families received EITC payments, and the program lifted over four million Americans above the poverty line. Despite the rapid growth of the EITC throughout the 1990s, little has been written about how the program works or how it affects low-income families. Making Work Pay provides the first full-scale examination of the EITC, exploring its effects on income distribution, poverty, work, and marriage. Making Work Pay opens with a history of the EITC—its emergence in the 1970s as a pro-work, low-cost antipoverty program and its expansion through the 1980s and 1990s. The central chapters in the volume look at the substantial impact of the EITC on work incentives in recent years and show that the program, in combination with welfare reform and a strong economy, has led to an unprecedented increase in the employment of single mothers. In one study, researchers conclude that the EITC—with its stipulation that one family member be a wage earner—was the most important change in work incentives for single mothers between 1984 and 1996, a period when the employment rate of single mothers rose sharply. Several chapters outline proposals for reforming the program, addressing the concerns by policymakers about the work disincentives that rise as benefits fall with increasing income. Finally, Making Work Pay examines how EITC recipients view the credit and what they do with it once they get it. The contributors find that not only does EITC's lump-sum payment increase consumption but it also allows recipients to make changes in economic status. Many families use the end-of-the-year payment as a form of forced savings, enabling them to save for home improvement, a new car, or other purchases to improve their lives, and providing the extra economic cushion needed to move beyond mere day-to-day survival. Comprehensive in scope, Making Work Pay is an indispensable resource for policymakers, administrators, and researchers seeking to understand the ramifications of the country's largest programs for aiding the working poor.
Download or read book Medical and Dental Expenses written by and published by . This book was released on 1990 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Congressional Research Congressional Research Service Publisher :CreateSpace ISBN 13 :9781505450767 Total Pages :28 pages Book Rating :4.4/5 (57 download)
Book Synopsis The Earned Income Tax Credit (Eitc) by : Congressional Research Congressional Research Service
Download or read book The Earned Income Tax Credit (Eitc) written by Congressional Research Congressional Research Service and published by CreateSpace. This book was released on 2014-12-03 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Earned Income Tax Credit (EITC) is a refundable tax credit available to eligible workers earning relatively low wages. Because the credit is refundable, an EITC recipient need not owe taxes to receive the benefit. Eligibility for and the amount of the EITC are based on a variety of factors, including residence and taxpayer ID requirements, the presence of qualifying children, age requirements for childless recipients, and the recipient's investment income and earned income. Tax filers with income above certain thresholds-these thresholds are based on marital status and number of qualifying children-are ineligible for the credit. The EITC varies based on a recipient's earnings. Specifically, the EITC equals a fixed percentage (the "credit rate") of earned income until the credit amount reaches its maximum level. The EITC then remains at its maximum level over a subsequent range of earned income, between the "earned income amount" and the "phase-out amount threshold." Finally, the credit gradually decreases to zero at a fixed rate (the "phase-out rate") for each additional dollar of adjusted gross income (AGI) (or earnings, whichever is greater) above the phase-out amount threshold. The specific values of these EITC parameters (e.g., credit rate, earned income amount) vary depending on several factors, including the number of qualifying children a tax filer has and his or her marital status. For 2014, the maximum EITC for a tax filer without children is $496 per year. In contrast, the 2014 maximum EITC for a tax filer with one child is $3,305 per year; for two children, $5,460 per year; and for three or more children, $6,143 per year. The EITC is provided to individuals and families once a year, in a lump sum payment after individuals and families file their federal income tax return. The credit may be received in one of three ways: (1) a reduction in federal tax liability; (2) a refund from the Treasury if the tax filer has no income tax liability; or (3) a combination of a reduced federal tax liability and a refund. The amount of the credit a tax filer receives is based on the prior year's income, earnings, and family composition (marital status and number of qualifying children). That is, the EITC paid in 2015 will be based on factors from 2014. The EITC cannot be counted as income in determining eligibility for or the amount of any federally funded public benefit program. An EITC refund that is saved by a tax filer does not count against the resource limits of any federally funded public benefit program for 12 months after the refund is received. In 2012, a total of $64.1 billion was claimed by 27.8 million tax filers (19% of all tax filers), making the EITC the largest need-tested anti-poverty cash assistance program. In that year, 97% of all EITC dollars were claimed by families with children. However, there was considerable variation in the share of returns claiming the EITC by state, with a greater share filed in certain southern states compared to other regions of the country.
Book Synopsis The EITC by : Timothy M. (Tim) Smeeding
Download or read book The EITC written by Timothy M. (Tim) Smeeding and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents our findings on the knowledge and use of the 1997 Earned Income Tax Credit (EITC) based on a sample of Chicago area households with children that filed tax returns in the winter and spring of 1998. Respondents reported in detail about using their federal tax refunds (including the EITC) to pay bills, purchase new items, or save. Data were also gathered on respondents prior knowledge of the EITC and their ability to make particular expenditures without the help of the EITC. Uses of the EITC are divided into those that improve economic and social mobility (e.g., purchase a car, pay tuition, change residence) and those that primarily help to make ends meet (e.g., pay routine bills, purchase food). This is among the first papers to address these issues, despite the fact that the EITC is our largest refundable tax credit program targeted at low-income families.
Author :National Bureau of Economic Research Publisher :University of Chicago Press ISBN 13 :9780226533568 Total Pages :224 pages Book Rating :4.5/5 (335 download)
Book Synopsis Means-Tested Transfer Programs in the United States by : National Bureau of Economic Research
Download or read book Means-Tested Transfer Programs in the United States written by National Bureau of Economic Research and published by University of Chicago Press. This book was released on 2003-10-15 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few United States government programs are as controversial as those designed to aid the poor. From tax credits to medical assistance, aid to needy families is surrounded by debate—on what benefits should be offered, what forms they should take, and how they should be administered. The past few decades, in fact, have seen this debate lead to broad transformations of aid programs themselves, with Aid to Families with Dependent Children replaced by Temporary Assistance to Needy Families, the Earned Income Tax Credit growing from a minor program to one of the most important for low-income families, and Medicaid greatly expanding its eligibility. This volume provides a remarkable overview of how such programs actually work, offering an impressive wealth of information on the nation's nine largest "means-tested" programs—that is, those in which some test of income forms the basis for participation. For each program, contributors describe origins and goals, summarize policy histories and current rules, and discuss the recipient's characteristics as well as the different types of benefits they receive. Each chapter then provides an overview of scholarly research on each program, bringing together the results of the field's most rigorous statistical examinations. The result is a fascinating portrayal of the evolution and current state of means-tested programs, one that charts a number of shifts in emphasis—the decline of cash assistance, for instance, and the increasing emphasis on work. This exemplary portrait of the nation's safety net will be an invaluable reference for anyone interested in American social policy.
Book Synopsis Inertia and Overwithholding: Explaining the Prevalence of Income Tax Refunds by :
Download or read book Inertia and Overwithholding: Explaining the Prevalence of Income Tax Refunds written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Crisis in Tax Administration by : Henry Aaron
Download or read book The Crisis in Tax Administration written by Henry Aaron and published by Rowman & Littlefield. This book was released on 2004-05-20 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: People pay taxes for two reasons. On the positive side, most people recognize, even if grudgingly, that payment of tax is a duty of citizenship. On the negative side, they know that the law requires payment, that evasion is a crime, and that willful failure to pay taxes is punishable by fines or imprisonment. The practical questions for tax administration are how to strengthen each of these motives to comply with the law. How much should be spent on enforcement and how should enforcement be organized to promote these objectives and achieve the best results per dollar spent? Over the last few years, the U.S. Congress has restricted spending on tax administration, forcing the Internal Revenue Service to curtail enforcement activities, at the same time, that the number of individual filers has increased, tax rules have become more complex, and more business have become multinational operations. But if too many cases of tax evasion go undetected and unpunished, those who may have grudgingly paid their taxes may soon find it easier to join the scofflaws. These events in combination have created a genuine crisis in tax administration. The chapters in this volume evaluate the capacity of authorities to enforce the tax laws in a modern, global economy and examine the implications of failing to do so. Specific aspects of tax law, including tax shelters, issues relating to small businesses, tax software, role of tax preparers, and the objectives of tax simplification are examined in detail. The volume also builds a conceptual basis for future scholarship, with regard not only to tax administration, but also to such fundamental questions as whether taxpayers respond mostly to economic incentives or are influenced by their experiences with the filing process and what is the proper framework for evaluating the allocation of resources within the IRS.
Book Synopsis Economics of Means-Tested Transfer Programs in the United States, Volume I by : Robert A. Moffitt
Download or read book Economics of Means-Tested Transfer Programs in the United States, Volume I written by Robert A. Moffitt and published by University of Chicago Press. This book was released on 2016-11-16 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: "These two volumes update the earlier Means-Tested Transfer Programs in the United States with a discussion of the changes in means-tested government programs and the results of new research over the past decade. A number of these programs have seen substantial increases in expenditures, including Medicaid, the Earned Income Tax Credit, the Supplemental Nutrition Assistance Program, and subsidized housing programs. For each program, the contributors describe its origins and goals, summarize its history and current rules, and discuss recipients' characteristics and the types of benefits they receive."--Publisher's description.
Book Synopsis Holes in the Safety Net by : Ezra Rosser
Download or read book Holes in the Safety Net written by Ezra Rosser and published by Cambridge University Press. This book was released on 2019-08 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the role played by federalism in anti-poverty policy and in poverty law.
Download or read book The New Localism written by Bruce Katz and published by Brookings Institution Press. This book was released on 2018-01-09 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The New Localism provides a roadmap for change that starts in the communities where most people live and work. In their new book, The New Localism, urban experts Bruce Katz and Jeremy Nowak reveal where the real power to create change lies and how it can be used to address our most serious social, economic, and environmental challenges. Power is shifting in the world: downward from national governments and states to cities and metropolitan communities; horizontally from the public sector to networks of public, private and civic actors; and globally along circuits of capital, trade, and innovation. This new locus of power—this new localism—is emerging by necessity to solve the grand challenges characteristic of modern societies: economic competitiveness, social inclusion and opportunity; a renewed public life; the challenge of diversity; and the imperative of environmental sustainability. Where rising populism on the right and the left exploits the grievances of those left behind in the global economy, new localism has developed as a mechanism to address them head on. New localism is not a replacement for the vital roles federal governments play; it is the ideal complement to an effective federal government, and, currently, an urgently needed remedy for national dysfunction. In The New Localism, Katz and Nowak tell the stories of the cities that are on the vanguard of problem solving. Pittsburgh is catalyzing inclusive growth by inventing and deploying new industries and technologies. Indianapolis is governing its city and metropolis through a network of public, private and civic leaders. Copenhagen is using publicly owned assets like their waterfront to spur large scale redevelopment and finance infrastructure from land sales. Out of these stories emerge new norms of growth, governance, and finance and a path toward a more prosperous, sustainable, and inclusive society. Katz and Nowak imagine a world in which urban institutions finance the future through smart investments in innovation, infrastructure and children and urban intermediaries take solutions created in one city and adapt and tailor them to other cities with speed and precision. As Katz and Nowak show us in The New Localism, “Power now belongs to the problem solvers.”
Book Synopsis Teaching the Tax Code by : Raj Chetty
Download or read book Teaching the Tax Code written by Raj Chetty and published by . This book was released on 2009 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests whether providing information about the Earned Income Tax Credit (EITC) affects EITC recipients' labor supply and earnings decisions. We conducted a randomized experiment with 43,000 EITC recipients at H&R Block in which tax preparers gave simple, personalized information about the EITC schedule to half of their clients. Tracking subsequent earnings, we find substantial heterogeneity in treatment effects across the 1,461 tax professionals who assisted the clients involved in the experiment. Half of the tax professionals, whom we term "compliers", induce treated clients to increase their EITC refunds by choosing an earnings level closer to the peak of the EITC schedule. Clients treated by complying tax professionals are 10% less likely to have very low incomes than control group clients. The remaining tax preparers generate insignificant changes in EITC amounts but increase the probability that their clients have incomes high enough to reach the phase-out region. Treatment effects are larger for the self-employed, but are also substantial among wage earners, suggesting that information provision induced real labor supply responses. When compared with other policy instruments, information has large effects: complying tax preparers generate the same labor supply response along the intensive margin as a 33% expansion of the EITC program, while non-complying tax preparers induce the same response as a 5% tax rate cut.
Book Synopsis The Earned Income Tax Credit, Expenditures and Labor Supply by : Ankur Jagdish Patel
Download or read book The Earned Income Tax Credit, Expenditures and Labor Supply written by Ankur Jagdish Patel and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Earned Income Tax Credit (EITC) is a refundable tax credit targeted toward the working poor. In the wake of welfare reform, the EITC program expanded dramatically to become the largest federal cash transfer to low-income families in the United States. Unlike traditional welfare, the EITC requires labor force participation. In this dissertation, I explore the impact of the EITC on expenditures and labor supply. The goal is to provide a more complete picture of how this requirement impacts eligible families. In the first chapter, I use variation in the EITC schedule generated by federal legislative expansions between 1984 and 1998 to identify the causal impact of the EITC on expenditures. I estimate the expenditure response using a sample of women with and without children who have not attended post-secondary school within the Consumer Expenditure Survey (CE). I summarize multiple expansions of the EITC schedule across time and family structure using a "simulated" credit that captures the complexity of the EITC schedule without depending on endogenous changes in other outcomes (such as earnings or income). The CE allows for the estimation of a differential response to the EITC within the calendar year because it is administered at the quarterly level. Finally, I use the Current Population Survey (CPS) to estimate the impact of the EITC on after tax and transfer income and its components. These estimates inform the mechanism behind expenditure responses and can be used to rescale the expenditure estimates in a two-sample two-stage least squares framework, so that they are more easily interpretable by policy makers. Assuming the expenditure response to the EITC works entirely through after tax and transfer income, this final estimate may be interpreted as the expenditure response due to a one dollar change in income. I find that total expenditures increase with the EITC. The impact on non-durable expenditures is particularly strong. This result is not consistent with the previous literature exploring the relationship between the EITC and expenditures. Work related expenditures represent one-third of the expenditure response, while housing and "investments" make up another fifty percent. The EITC did not increase child related or recreational expenditures. Within calendar year, the expenditure response is largest in the first quarter relative to subsequent quarters, consistent with the timing of EITC refund receipt. The differential response is driven by expenditures on durable goods. On the other hand, the expenditure response for non-durable goods, work related expenditures and housing expenditures are spread evenly across calendar quarters. Families with young children display relatively large responses to the EITC. In addition to housing and investment, their expenditure response is also driven by food expenditures. Next, I find that after tax and transfer income increases with the EITC in a way suggested by the labor supply literature. The credit's impact on after tax and transfer income is dominated by an increase in earnings, while the decrease in welfare income is balanced by the decrease in tax liability (increase in EITC). Finally, assuming the EITC only affects expenditures through after tax and transfer income, I estimate that a one dollar increase in income increases expenditures by 94 cents. In the second chapter, written with Hilary Hoynes, we use variation in the credit induced by legislative changes across tax year, family size and state of residence. We construct a "simulated" version of the EITC at the federal and state level to summarize these changes. This measure captures changes in the EITC across many parameters, allowing us to fully exploit variation caused by legislative changes in policy. The estimation is divided into two major parts. First, we estimate the impact of the federal credit on labor force participation. We narrow the identifying variation in ways that are relevant to policy and the literature. We use non-parametric differences-in-differences to visually assess the impact of policy changes on labor force participation while checking for pre-existing trends. Second, we estimate the impact of state-level credits on labor force participation. State variation in EITC generosity allows for number of children by year fixed effects, powerful controls which cannot be used in federal EITC policy estimations. State-level EITCs are smaller than the federal EITC, however, making precise estimation more challenging. Finally, we rescale estimates so that they can be easily compared across specifications and used to draw lessons for policy. We find that the federal EITC has increased the labor force participation of single women with children, even when we include detailed controls for other tax and transfer programs. Using an entirely different source of identifying variation, we find that state EITCs increase the labor force participation of single women with children. Although the estimates at the state level are noisy, after we rescale the point estimates in terms of eligible benefits, the impact from the federal EITC is roughly comparable to the impact at the state level. These results are consistent across econometric strategies. In the final chapter, I extend the analysis of the EITC's relationship with family expenditures by contrasting the results from Patel (2012a) with estimates identified using variation in after tax income caused by the Economic Stimulus Payments of 2008 (ESP). The advantage of using this payment is that the timing of disbursement has been randomized. By comparing expenditures of households that have received an ESP in a given period to those who receive an ESP in another period, I estimate a causal impact of a change in after tax and transfer income without using variation correlated with changes in labor supply, earnings or income. The results are imprecise. However, point estimates suggest that total family expenditures increase upon ESP receipt by a magnitude that is similar to the EITC expenditure response found in Patel (2012a). The expenditure response is evenly split between durables and non-durables, with non-durable expenditures concentrated in food and recreational expenditures. Unlike the EITC driven response, work-related expenditures do not change with the ESP. These results suggest that there may be differences in spending patterns depending on the incentives attached to tax and transfer programs.
