Guest Column: Keeping more of what you earn- EITC
Serving on the board of the Foundation for the Mid South, I have seen firsthand the challenges facing Mississippi, Arkansas, and Louisiana in education, health, and social and economic opportunity. We constantly look at ways to help our region grow and prosper, and how we can help our people and communities help themselves. So with tax season upon us, we ask, “What would a few extra million dollars do for our area? What about an additional $1.5 billion for our state?” There is a way to do this and it is already available to working families in Tunica and the nation: the Earned Income Tax Credit (EITC).
The EITC is a federal tax credit that every working low-income family can claim on their tax return, allowing them to get back an average of $2,600 of their earnings. This is money that can be used to start or grow a savings account for a rainy day or to pay down debt. Regardless of how it is used, the tax credit allows families to keep more of what they earn and injects extra cash into local economies.