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Low Income Earners

All articles tagged with #low income earners

"700,000 Michigan Households to Receive $550 Tax Credit Checks in Early 2024"

Originally Published 2 years ago — by Detroit Free Press

Starting February 13, 2024, around 700,000 households in Michigan will receive an average of $550 as part of the expanded Earned Income Tax Credit (EITC). The checks, which are a result of a tax overhaul signed by Governor Gretchen Whitmer, aim to provide relief for retirees and low-income earners. The new law expands the state's EITC from 6% to 30% of the federal credit. The payments are expected to take up to six weeks to distribute and will benefit families in paying bills, buying groceries, and purchasing school supplies.

nation taxation checks-distribution earned-income-tax-credit low-income-earners michigan tax-relief taxation

The Wealth-Building Power of Homeownership: A Decade of Soaring Prices and Increased Values.

Originally Published 2 years ago — by USA TODAY

Homeowners in the US became 40 times wealthier than renters in the past decade, with the median-priced home gaining $190,000 in value, according to a report by the National Association of Realtors. Low-income homeowners built $98,900 in wealth, while middle-income and upper-income homeowners accumulated $122,100 and $150,800 in wealth, respectively. The report also found that Black homeowners experienced the smallest wealth gains among any other racial or ethnic group, while Asian homeowners accumulated the most wealth gains in the past decade, followed by Hispanic Americans.

business finance finance homeownership low-income-earners middle-income-earners real-estate wealth-building