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The statistics researched by the non-profit Prosperity Now proves VITA to be a relevant necessity in poverty reduction. Today, tax preparation remains a highly unregulated industry and around 60% of all taxpayers turn to a paid preparation service. The longevity of the VITA program is dependent on funding being approved and provided by Congress.
The expanded child tax credit lifted 5.3 million Americans out of poverty and made the largest one-year reduction of child poverty in history.
Under the ACA, only those households earning between 100% and 400% of the federal poverty level (FPL) are eligible to receive the PTC; however, the American Rescue Plan Act of 2021 temporarily extended PTC eligibility to anyone making more than 100% of the FPL, and the Inflation Reduction Act extended that eligibility expansion through 2025. In ...
[47] However, the number of welfare recipients declined much more sharply than the poverty rate, with a national average of 56% reduction in welfare caseloads and 1% reduction in poverty. [48] The number of children living in extreme poverty, defined as a household income below 50% of the poverty line, [ 49 ] increased, with a sharper increase ...
The share of Americans, particularly children, in poverty rose significantly last year, in large part because Congress did not renew a Covid-19 pandemic enhancement to the child tax credit ...
Then, those gains were reversed, and child poverty soared, more than doubling from 4 million in 2021 to 9 million in 2022, according to the Census Bureau: The poorest families, which qualified for ...
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