![]() Strategies to reach the least well-off must be tailored to each country’s context, considering the latest data and analysis, and the needs of the population. In addition, extreme poverty is now more concentrated in places where it will be hardest to eradicate, including in conflict-affected and rural areas. The economic recovery has been uneven, affected by rising food and energy prices-due to the war in Ukraine and climate change, among other factors-and high indebtedness in many countries. The COVID-19 pandemic dealt the biggest setback to global poverty in decades. And the challenge is made harder by the fact that extreme poverty is concentrated in parts of the world where it will be hardest to eradicate: in Sub-Saharan Africa, in conflict-affected areas, and in rural areas. Given current trends, 574 million people-nearly 7 percent of the world’s population-will still be living on less than $2.15 a day in 2030. The recent crises have pushed the world further off track from the global goal of ending extreme poverty by 2030. The recent setbacks took place when the speed of progress toward poverty reduction was already slowing, in tandem with subdued global economic growth. By the end of 2022, as many as 685 million people could still be living in extreme poverty. ![]() Rising food and energy prices-fueled in part by the war in Ukraine and by climate shocks and conflict-have hindered a swift recovery. The poorest also faced large setbacks in health and education which, if left unaddressed by policy action, will have lasting consequences for their lifetime income prospects. Their income losses were twice as high as the world’s richest, and global inequality rose for the first time in decades. The world’s poorest people bore the steepest costs of the pandemic. The global extreme poverty rate reached 9.3 percent, up from 8.4 percent in 2019. The number of people in extreme poverty rose by 70 million to more than 700 million people. But the trend was interrupted in 2020, when poverty rose due to the disruption caused by the COVID-19 crisis. This mission underpins our analytical, operational, and convening work in about 140 client countries.įor three decades, the number of people living in extreme poverty- defined as those who live on less than $2.15 per person per day at 2017 purchasing power parity-was declining. Gene Falk and Margot L.The World Bank Group’s goals are to end extreme poverty and promote shared prosperity. We continue to research new, unique ways to serve our members and are excited to see the impact of the Earned Income Tax Credit in 2019.ĭavid Simon, Mark McInerney, and Sarah Goodell OctoHealth Affairs “The Earned Income Tax Credit, Poverty, and Health” This year, our volunteer team has grown to 14 and we are expanding to 2-days a week to provide more opportunities to serve our members. In 2018, United Against Poverty Orlando and VITA were able to file 125 tax returns with a total combined return of over $84,000 to our members. In 2013, the EITC combined with the Child Tax Credit moved 4.7 million children above the poverty line (Short 2014). Receiving the tax credit has proven to be substantial for families living below 100% of the Federal Poverty Guideline. The EITC is the largest cash assistance program in the US that directly decreases the amount of families living in poverty (Falk, Crandall-Hollick 2018). This is the same population we serve at United Against Poverty. ![]() Because you are required to have earned income throughout the year, the EITC serves those living in poverty who are considered the working poor. Those who qualify for this tax credit are low income families, “70% of which had an adjusted gross income of $25,000 or less” (Simon 2018). The EITC was first introduced on a Federal level in 1975 and served over 27 million families in 2016. As we move into our 3 rd year as a VITA location, we continue to learn the benefits this vital program has on the working poor specifically, those who qualify for the Earned Income Tax Credit (EITC). Through this program, volunteers become IRS certified tax preparers and assist families with low income navigate the complex process of filing completely for free. ![]() When we first entertained hosting the Volunteer Income Tax Assistance (VITA) program on the United Against Poverty Orlando campus, we knew this would benefit our members, but weren’t quite sure of the impact it would have. By Carla Cox, Program Director, United Against Poverty
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