[Congressional Record (Bound Edition), Volume 157 (2011), Part 1]
[Senate]
[Page 1024]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 EARNED-INCOME TAX CREDIT AWARENESS DAY

  Mr. AKAKA. Mr. President, this past Friday marked the annual Earned-
Income Tax Credit Awareness Day. I rise to recognize the success and 
importance of this vital tax benefit for hard-working Americans.
  As our country continues its steady recovery from the worst economic 
conditions hard-working American men and women have faced since the 
Great Depression, families need financial relief and many people need 
jobs.
  As we renew our efforts to promote job creation, increase access to 
credit for small businesses, and restore confidence and stability to 
markets, we should not forget that we already have what one President 
once called ``the best anti-poverty, the best pro-family, the best job-
creation measure to come out of Congress.'' President Ronald Reagan was 
talking about the earned-income tax credit.
  Since 1975, the EITC has helped to offset the impact of Social 
Security taxes for low- and moderate-income individuals. Nearly 26 
million taxpayers across the country received the EITC when they filed 
their tax returns last year. In Hawaii alone, over 100,000 low- and 
middle-income workers received an average of nearly $2,000 for this 
tremendous tax benefit. These vital EITC resources help families pay 
for essentials such as food, housing, clothing, transportation, and 
education expenses.
  The earned-income tax credit is more important now than ever before. 
With many Americans still out of work, some families accustomed to 
budgeting based on the earnings of two people are struggling to survive 
on the income of one. Some people in Hawaii and across the country who 
are working new, lower paying jobs may be eligible for the earned-
income tax credit for the first time.
  To be clear, every taxpayer who receives the EITC is hard working 
because the earned-income tax credit is only provided to Americans who 
work for a living. The EITC encourages individuals to find work, 
support themselves and their families, and improve their quality of 
life.
  A few years ago, only one in five taxpayers eligible for the EITC 
claimed their benefits. Since then, tremendous progress has been made. 
The number has risen to four in five, thanks in part to the tireless 
work of taxpayer consumer advisers and advocates in our communities.
  Our goal now should be to see to it that all eligible taxpayers claim 
their EITC benefits this year. That would mean in Hawaii alone about 
34,000 more taxpayers would receive much needed financial relief, with 
similar results across the country.
  I plan to reintroduce the Taxpayer Abuse Prevention Act in this 112th 
Congress. My bill is intended to protect low- and middle-income 
taxpayers from falling victim to unscrupulous lenders. Historically, 
many EITC recipients have turned to predatory refund anticipation loans 
which are short-term loans typically carrying steep interest rates. 
Working families cannot afford to lose a significant portion of their 
EITC to these expensive short-term predatory loans. My bill will better 
protect consumers from predatory lenders that prey on the EITC benefits 
of low-income taxpayers, and I urge my colleagues to support it when 
the bill comes to the floor. In today's economy every penny counts, and 
the value of the earned income tax credit is magnified.
  I look forward to working with my colleagues to better educate, 
protect, and empower taxpayers. I urge my colleagues to join me to 
increase awareness of the earned-income tax credit.
  Thank you very much, Mr. President.
  I yield the floor, and I note the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. WARNER. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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