As Congress continues to debate tax reform, this Veterans Day is a good time to remember just how important the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) are for many members of the military. A new TCWF video shares a personal story of how tax credits for working families helped Walter Woods, a U.S. Army veteran, make ends meet.
According to Woods, the EITC and CTC “really do make a big difference in terms of helping [veterans] reintegrate into society … any kind of bridge that they can have to help them get back on their feet not as soldiers, but as civilians.”
Featuring Woods and Vincent Palacios, a research analyst from the Center on Budget and Policy Priorities (CBPP), the video reminds viewers that tax credits are vital resources for many who have served our country. The median income for veterans is just $37,466, making the credits critical for military families trying to make ends meet.
Roughly two million veterans and military households receive the EITC, refundable component of the CTC or both, according to CBPP. The credits provide a tax break for eligible service members, allowing them to keep more of what they’ve earned and build a financial cushion for unexpected emergencies.
To learn more about the impact of tax credits on veterans and active-duty service members, click here.
Join the conversation on social media using #CreditsforVets.