Infographic: One Million Military Families and Veterans Face a Tax Increase in 2018
May 19, 2015Print
This 4th of July could be one of the last in which nearly half a million military families remain eligible for the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) at their current rate. Key provisions of both credits are scheduled to expire at the end of 2017, including a lower income threshold for collecting the CTC, “marriage-penalty” relief for EITC recipients and a larger EITC for families with more than two children. If Congress does not act to extend these improvements or make them permanent, more than one million veteran and active-duty households could lose all or part of their EITC or CTC and see their taxes increase.
The EITC and CTC are vital policy tools for helping military families make ends meet. The Center on Budget and Policy Priorities reports that one in four – or about 2.6 million – veteran and armed-forces families benefit from working family tax credits. These families include about 3 million children and are widely represented across all 50 states. The credits not only help these service members cover the cost of living and raising a family, they are also linked to healthier birthweights and higher educational attainment among the children of recipients.
Feel free to share the infographic below with your networks to raise awareness about the importance of extending these key EITC and CTC provisions for our armed forces and their families.