The federal government is offering support to Americans who earn less than $100,000 per year. This support comes in the form of various programs and policies aimed at helping low and middle-income earners achieve financial stability and security.
One of the main programs offered by the government is the Earned Income Tax Credit (EITC). This credit is designed to help low-income workers keep more of their earnings by reducing their federal tax liability. The amount of the credit depends on a person’s income and family size, but it can be significant. For example, in 2021, a married couple with two children earning less than $56,844 could receive up to $5,981 in EITC.
Another program aimed at helping low-income earners is the Child Tax Credit (CTC). The CTC is a tax credit that can be claimed by parents or guardians of children under the age of 17. The credit is worth up to $3,600 per child and is fully refundable, meaning that even if a person owes no federal income tax, they can still receive the credit in the form of a refund. The CTC is designed to help families with the cost of raising children and can make a significant difference in the lives of those who receive it.
In addition to tax credits, the government also offers programs to help low-income Americans access affordable housing. The Department of Housing and Urban Development (HUD) offers a range of programs to help families find safe and affordable housing. These programs include rental assistance, public housing, and homeownership assistance. HUD also offers counseling and education programs to help families understand the homebuying process and make informed decisions about their housing options.
For those who are struggling with debt, the government offers several debt relief programs. The most well-known of these is probably the student loan forgiveness program. This program allows borrowers who work in certain public service jobs to have their federal student loans forgiven after making 120 qualifying payments. The program can provide significant relief for those who are struggling to repay their student loans.
Finally, the government offers a range of job training and education programs aimed at helping low-income Americans increase their earning potential. The Workforce Innovation and Opportunity Act (WIOA), for example, provides funding for job training and education programs for adults and youth. The program is designed to help workers develop the skills they need to succeed in the modern job market and increase their earning potential over time.