 |
| Wilson Encourages Taxpayers to File for Earned Income Tax Credit |
March 14, 2007 |
| |
Tax Credit Helps Working Families & the Savings Can Be Significant
Washington, DC – Congresswoman Heather Wilson today encouraged constituents to remember to file for the Earned Income Tax Credit, a benefit Congress has authorized to help lower and middle-income working families.
More than 24 percent of all New Mexico taxpayers qualify for this tax credit, and the average return is over $1,800 for New Mexico filers.
“A lot of New Mexico taxpayers should be benefiting from this tax credit,” Wilson said. “My concern is that many taxpayers might not realize this credit is available to them.”
The Internal Revenue Service (IRS) estimates that as many as one of every four workers eligible for this important credit are not signing up for it, possibly because they are unaware of it or do not have enough information about it.
“Congress authorized this tax credit specifically to help lower-income workers,” Wilson said. “It’s a tax policy meant to benefit those workers who need it most, so I encourage everyone to make sure they see if they qualify. This can be a significant amount of money for a working family.”
The Earned Income Tax Credit (EITC) provides a higher income tax return for those who work but do not rise to certain income levels.
For more information, talk to a free tax preparation volunteer at a site in your community, or go to www.irs.gov/eitc. The website includes information to help you find out if you qualify, and includes a Spanish language section.
According to the U.S. Department of Treasury, a study showed that 4.6 million people were lifted above poverty because of this tax credit.
Wilson consistently supports lower taxes on working families. Among other tax relief and job growth measures, she has supported reduction of the marriage penalty, lower income taxes, increased child tax credits and creation of a new lower 10 percent tax bracket that helped over a half-million New Mexicans last year.
She voted for the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), which have combined to significantly reduce the tax burden on New Mexico families. Last year, 642,000 New Mexicans paid lower income taxes because of these two laws.
- END - |
|
|
|