Mayor Eric Adams highlighted the significant impact of the Earned Income Tax Credit (EITC) during a ribbon-cutting event for the Urban Upbound Federal Credit Union, claiming it injected an extra $280 million into low-income areas. He emphasized the importance of such initiatives, stating, 'We're working every day to improve the lives of New Yorkers,' showcasing the administration's commitment to ensuring that working people receive financial support.
Adams noted the EITC's expansion in 2022 was the first change in nearly 20 years, advocating for changes to support the city's workforce. He stated, 'Since day one, that's what this administration has been about: putting money back into the pockets of working people.' This reflects his administration's focus on providing accessible financial resources to those in need.
The mayor highlighted the direct impact of the EITC on New Yorkers, with over 746,000 filers benefiting in the 2023 tax season. He remarked, 'In New York City, working people should get a fair shot and their fair share,' reaffirming the administration's goal of building a fair and equitable city for all residents.
Adams detailed that the average amount received by EITC filers rose dramatically from $107 in 2022 to $462 in 2023, marking a 332% increase. He asserted, 'Because of our efforts, last year, we put $345 million back into the pockets of working-class New Yorkers,' illustrating the significant benefits of the enhanced credit.
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