WOONSOCKET – More than 4,624 tax filers in the city of Woonsocket received more than $11,314,000 in federal dollars from the Earned Income Tax Credit in 2013 – providing local residents and businesses with much needed dollars.
The EITC – a tax benefit for workers earning $50,000 or less – helps families make ends meet and supports the economy as families spend their money locally. Rhode Island also has a state EITC that is currently set at 12.5 percent of the federal credit which puts an estimated $1,414,000 back in the pockets of local residents.
“The paychecks of too many Rhode Island workers have fallen behind in recent years and the EITC is a common sense strategy to help workers make up the difference,” said Rachel Flum, Executive Director of the Economic Progress Institute. “Since low-wage workers are more likely to spend that money locally, the EITC is really a win-win – helping both families and local economies.”