Annelise Grimm

speaker

83 appearances 1 recordings 1 series first heard Jul 2020 last heard Jul 2020

Annelise Grimm’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Billions in Stimulus Money Available for Low-Income Families · 14 Jul 2020 podcast

So it can really add up quite quickly.

So if you were a single parent living with one child who's making $10,000 a year, you could potentially get $1,200 in the stimulus, $500 for that one dependent.

you'd get $3,400 for your earned income tax credit.

If you live in California, you'd get $254 for your California earned income tax credit.

And then you get another $1,125 additional child tax credit.

And so that's a total of $6,479 in tax credits and the stimulus check, which is pretty incredible.

And actually in California, if your child was under the age of five, you would get another $1,000 on top of that.

So it can really add up quite quickly for families.

These policies were created to help stimulate the economy and to help low-income working people be able to get the level of financial stability that they need in order to get ahead.

And unfortunately, because it can be challenging for people to file their taxes, frankly, the process is too difficult.

It shouldn't be that hard.

Those policies are not having the intended impact.

And so not only are families missing out individually, but as a whole, our economy is not getting the boost that it could if everyone who was eligible for these benefits was filing for them.

Yes.

It's pretty hard to get good data on this, but the best estimates we have are from New America, and they think up to 12 million people are missing out because typically they wouldn't need to file their taxes, and they don't have a good resource for being able to file.

There's a lot of money left on the table.

For the earned income tax credit, we think it's about $10.5 billion with a B left on the table every year.

And for the stimulus, if we assume a minimum of $1,200 a filer, so that doesn't include the money that people get for their dependents, we think there's probably about $10.8 billion left on the table.

So overall, we're talking $20-plus billion left on the table.

Absolutely.

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