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2. Give Credit Where Credit is Due
- Author:
- Patrick D. Walker, Robin Varghese, Ann Schnare, Alyssa Stewart Lee, and Michael A. Turner
- Publication Date:
- 12-2006
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- Despite the vast accomplishments of the American credit system, approximately 35 million to 54 million Americans remain outside the credit system. For a variety of reasons, mainstream lenders have too little information on them to evaluate risk and thereby extend credit. As a result, those in most need of credit often turn to check cashing services and payday loan providers, with effective interest rates as high as 500 percent. The lack of reliable credit places them at a great disadvantage in building assets (such as homes, small businesses, or loans for education) and thereby improving their lives.
- Topic:
- Demographics, Economics, Government, and Poverty
- Political Geography:
- America
3. The Earned Income Tax Credit at Age 30: What We Know
- Author:
- Steve Holt
- Publication Date:
- 02-2006
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- The Earned Income Tax Credit (EITC), the nation's largest antipoverty program for working families, plays an important role in the economic life of America's low- income households and communities. It increases the ability of workers in lower paying jobs to support themselves and their families. It represents a large inflow of resources into local economies. It magnifies the importance of the annual tax filing process. The federal EITC turned 30 years old in 2005. During the past 20 years, many states and localities have enacted versions of the federal credit to benefit their own residents. Meanwhile, a new generation of local leaders has emerged to publicize the availability of the EITC and related tax credits for lower-income families and neighborhoods, and to argue for progressive federal tax policies.
- Topic:
- Development, Economics, and Government
- Political Geography:
- America