Tax Credit Would Help W.Va. Economy
Beckley Register-Herald - For over 40 years, the federal Earned Income Tax Credit (EITC) has supported families who work for lower wages. It is time that West Virginia join the 26 other states in enacting a state Earned Income Tax Credit. The EITC is one of the most effective tools in combating poverty and it has broad bipartisan support because it helps people stay on the job. Read
The EITC refunds a percentage of an individual's income tax at the end of the year. This means that only those who work are eligible. It is a “bottom up” tax credit meaning that folks struggling to get by at low-paying jobs get to keep more of what they earn. Once they reach the maximum amount they are no longer eligible. This encourages increased work and training all the while lifting people out of poverty and into the middle class. A West Virginia EITC has the potential to pump $46 million into the state economy while benefiting over 160,000 children living in poverty. The strength of West Virginia’s workforce and its economy could be bolstered by implementing the Earned Income Tax Credit.
To learn more about what an EITC could mean for your community, go to www.investinwvfamilies.org.