The federal government is assisting Americans earning less than $100,000 per year. This assistance takes the form of a variety of programs and policies aimed at assisting low and middle-income earners in achieving financial stability and security.
The Earned Income Tax Credit (EITC) is one of the most important government programs. This credit is intended to assist low-income workers in retaining more of their earnings by lowering their federal tax liability. The amount of credit is determined by a person’s income and family size, but it can be substantial. A married couple with two kids earning less than $56,844 in 2021, for example, could receive up to $5,981 in EITC.
The Child Tax Credit (CTC) is another program that assists low-income earners. The CTC is a tax credit that guardians and parents of children below the age of 17 can claim. The credit is worth up to $3,600 per child and is completely refundable, which means that even if a person owes no federal income tax, they can receive the credit as a refund. The CTC is intended to assist families with the costs of childrearing and can make an important difference in the lives of those who obtain it.
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In addition to tax credits, the government provides programs to assist low-income Americans in obtaining affordable housing. The Department of Housing and Urban Development (HUD) has several programs that can assist families in finding safe and affordable housing. Rental assistance, public housing, and homeownership assistance are among the programs available. HUD also provides counselling and education programs that assist families understand the home-buying procedure and make informed housing decisions.
The government provides several debt relief programs for those who are in debt. The student loan forgiveness program is probably the most well-known of these. Borrowers who work in certain public service jobs can have their federal student loans absolved after making 120 qualifying payments under this program. Those who are having difficulty repaying their student loans may benefit greatly from this program.
Finally, the government provides a variety of job training and educational programs to assist low-income Americans in increasing their earning potential. The Workforce creativity and Opportunity Act (WIOA), for example, fund adult and youth job training and education programs. The program is intended to assist workers in developing the skills required to succeed in today’s job market and to increase their earning potential over time.
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