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How Expanding EITC Will Benefit 1.5 Million Low-Income Older Workers

Teresa Ghilarducci, Aida Farmand (), Bridget Fisher and Siavash Radpour

No 2021-02, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: A popular cash transfer program credited with lifting millions out of poverty, the Earned Income Tax Credit (EITC) also reduces wages for non-college educated workers, particularly older workers. Meanwhile, eligibility rules have long prevented most older workers from receiving EITC benefits at the same rate as their younger counterparts. Expanding EITC benefits permanently would offset some of these lost earnings and help stabilize older workers’ earnings. In 2021, Congress enacted a temporary EITC expansion—and our research shows that a permanently expanded EITC would benefit millions of older low-income workers.

Keywords: Covid-19; Earned Income Tax Credit; EITC; low-income; Workers; Jobs; Unemployment; Risk; Older workers; retirement income; retirement; retirement savings (search for similar items in EconPapers)
JEL-codes: E21 E24 I14 J32 J38 J62 J83 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2021-10
New Economics Papers: this item is included in nep-age, nep-mac and nep-pbe
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