Goodnight in the Perspective: Creating a network of volunteer tax preparers
posted by Greg Goodnight for Mayor at 1:16 PM
By Greg Goodnight
Mayoral candidate
About this time every year, I gather my financial documents and head over to my accountant. While we discuss politics and sports, the CPA enters my information into his computer, and, in a short while, my taxes are complete. All too often I end up writing a check to the IRS, but I know that I have received every tax break and credit allowed by the law. I know this, because I have my taxes prepared by a highly trained tax specialist.
Many families in our city are not afforded this opportunity and subsequently miss out on deductions that could benefit their family, our businesses, and our city. Every year, throughout the year, working families send millions of dollars to Washington, D.C., through weekly payroll deductions. While those same families struggle each week, we use state, city, county, township, and school district tax money to pay personnel (with tax dollars) to attempt to get that money back from our "friends" in Washington. Wouldn't it make more sense to keep that money here in the first place and make sure that our citizens receive the proper deductions they are entitled to? We would all benefit from the influx of dollars if a large number of Kokomo's citizens had a little more money to spend at our local stores, restaurants, and businesses.
As part of my "Investing in People" plan for Kokomo, I will create a network of volunteer tax preparers, and a community-driven tax-awareness campaign. The campaign's primary mission will be to make sure that every financially strapped citizen of Kokomo is aware of the Earned Income Tax Credit (EITC). The IRS estimates that as many as 25 percent of eligible taxpayers fail to claim the credit each year, often because they are unaware that they are eligible. In 2005, the EITC was worth more than $41 billion dollars, but many low-income families didn't take advantage of the credit because they knew little or nothing about the program. The EITC lifted 5 million people above the poverty line in 2002, which helped boost self-sufficiency and homeownership. That kind of money could dramatically affect a family's ability to make ends meet and might help them to begin to build financial assets.
My new program will also connect EITC filers with other work supports, financial education, and asset- building programs that will help the people of Kokomo save for the future. Partnerships with local banks and other financial institutions will allow us to create a network of financial knowledge that will not just benefit lower-income families, but also aide in the economic development of our city.
The National League of Cities has found that similar programs had a positive impact, bringing large increases in savings and more economic stability to households. When a city thrives, its residents thrive. Research demonstrates that decreasing the economic strain on households leads to increased property values and property maintenance, and higher levels of civic involvement. This would benefit all of our citizens.
As jobs are shipped overseas and families struggle to make ends meet in Kokomo, it is the responsibility of our local government to not just help those in need, but to inform and offer service to them about federal, state, and local tax benefits that could put money back in their pockets. Increased assets will help improve the lives of our citizens, as well as improving the economic stability of our city. I will discuss my "Extra-Credit" program in more detail as our campaign to "invest in people" progresses. Once again, thanks for reading.
By Greg Goodnight
Mayoral candidate
About this time every year, I gather my financial documents and head over to my accountant. While we discuss politics and sports, the CPA enters my information into his computer, and, in a short while, my taxes are complete. All too often I end up writing a check to the IRS, but I know that I have received every tax break and credit allowed by the law. I know this, because I have my taxes prepared by a highly trained tax specialist.
Many families in our city are not afforded this opportunity and subsequently miss out on deductions that could benefit their family, our businesses, and our city. Every year, throughout the year, working families send millions of dollars to Washington, D.C., through weekly payroll deductions. While those same families struggle each week, we use state, city, county, township, and school district tax money to pay personnel (with tax dollars) to attempt to get that money back from our "friends" in Washington. Wouldn't it make more sense to keep that money here in the first place and make sure that our citizens receive the proper deductions they are entitled to? We would all benefit from the influx of dollars if a large number of Kokomo's citizens had a little more money to spend at our local stores, restaurants, and businesses.
As part of my "Investing in People" plan for Kokomo, I will create a network of volunteer tax preparers, and a community-driven tax-awareness campaign. The campaign's primary mission will be to make sure that every financially strapped citizen of Kokomo is aware of the Earned Income Tax Credit (EITC). The IRS estimates that as many as 25 percent of eligible taxpayers fail to claim the credit each year, often because they are unaware that they are eligible. In 2005, the EITC was worth more than $41 billion dollars, but many low-income families didn't take advantage of the credit because they knew little or nothing about the program. The EITC lifted 5 million people above the poverty line in 2002, which helped boost self-sufficiency and homeownership. That kind of money could dramatically affect a family's ability to make ends meet and might help them to begin to build financial assets.
My new program will also connect EITC filers with other work supports, financial education, and asset- building programs that will help the people of Kokomo save for the future. Partnerships with local banks and other financial institutions will allow us to create a network of financial knowledge that will not just benefit lower-income families, but also aide in the economic development of our city.
The National League of Cities has found that similar programs had a positive impact, bringing large increases in savings and more economic stability to households. When a city thrives, its residents thrive. Research demonstrates that decreasing the economic strain on households leads to increased property values and property maintenance, and higher levels of civic involvement. This would benefit all of our citizens.
As jobs are shipped overseas and families struggle to make ends meet in Kokomo, it is the responsibility of our local government to not just help those in need, but to inform and offer service to them about federal, state, and local tax benefits that could put money back in their pockets. Increased assets will help improve the lives of our citizens, as well as improving the economic stability of our city. I will discuss my "Extra-Credit" program in more detail as our campaign to "invest in people" progresses. Once again, thanks for reading.
Mayoral candidate
About this time every year, I gather my financial documents and head over to my accountant. While we discuss politics and sports, the CPA enters my information into his computer, and, in a short while, my taxes are complete. All too often I end up writing a check to the IRS, but I know that I have received every tax break and credit allowed by the law. I know this, because I have my taxes prepared by a highly trained tax specialist.
Many families in our city are not afforded this opportunity and subsequently miss out on deductions that could benefit their family, our businesses, and our city. Every year, throughout the year, working families send millions of dollars to Washington, D.C., through weekly payroll deductions. While those same families struggle each week, we use state, city, county, township, and school district tax money to pay personnel (with tax dollars) to attempt to get that money back from our "friends" in Washington. Wouldn't it make more sense to keep that money here in the first place and make sure that our citizens receive the proper deductions they are entitled to? We would all benefit from the influx of dollars if a large number of Kokomo's citizens had a little more money to spend at our local stores, restaurants, and businesses.
As part of my "Investing in People" plan for Kokomo, I will create a network of volunteer tax preparers, and a community-driven tax-awareness campaign. The campaign's primary mission will be to make sure that every financially strapped citizen of Kokomo is aware of the Earned Income Tax Credit (EITC). The IRS estimates that as many as 25 percent of eligible taxpayers fail to claim the credit each year, often because they are unaware that they are eligible. In 2005, the EITC was worth more than $41 billion dollars, but many low-income families didn't take advantage of the credit because they knew little or nothing about the program. The EITC lifted 5 million people above the poverty line in 2002, which helped boost self-sufficiency and homeownership. That kind of money could dramatically affect a family's ability to make ends meet and might help them to begin to build financial assets.
My new program will also connect EITC filers with other work supports, financial education, and asset- building programs that will help the people of Kokomo save for the future. Partnerships with local banks and other financial institutions will allow us to create a network of financial knowledge that will not just benefit lower-income families, but also aide in the economic development of our city.
The National League of Cities has found that similar programs had a positive impact, bringing large increases in savings and more economic stability to households. When a city thrives, its residents thrive. Research demonstrates that decreasing the economic strain on households leads to increased property values and property maintenance, and higher levels of civic involvement. This would benefit all of our citizens.
As jobs are shipped overseas and families struggle to make ends meet in Kokomo, it is the responsibility of our local government to not just help those in need, but to inform and offer service to them about federal, state, and local tax benefits that could put money back in their pockets. Increased assets will help improve the lives of our citizens, as well as improving the economic stability of our city. I will discuss my "Extra-Credit" program in more detail as our campaign to "invest in people" progresses. Once again, thanks for reading.
