For a third year, Maryland ranks #1 among all states for its adoption of policies aimed at increasing the financial stability of residents. This ranking marks a great achievement that should be celebrated. This year we look to continue this commitment by working to expand Maryland’s Earned Income Tax Credit. We hope to expand Maryland’s EITC in 3 ways:
- By lowering the age requirement to 18,
- Increasing the income requirement to $23,000 and
- Increase the State EITC to 100% of the Federal EITC for single filers and 28% for filers with dependents.
- Eliminate asset limits for public benefit programs, which removes barriers for low-income residents to save money.
- Protect residents from high cost, short-term loans like payday and refund anticipation loans.
- Maintain and increase enforcement of tax preparer regulations.
- Allow for the offering of prize-linked savings accounts for both banks and credit unions.
Despite some good news, Maryland ranks poorly on several outcome measures critical to family financial security, earning an overall rank of 22 out of 50 states. Almost 35% of all Marylanders do not have sufficient savings readily available to weather a financial storm. It is almost 2.3 times higher for households of color. We can do better. Maryland ranks:
- 13th in households without access to a bank account (4.8%)
- 18th in income inequality (The richest 20% of households in Maryland make 4.5x more then the poorest 20%)
- 32nd in on-time payers (78.8% of payers are current on all credit obligations)
- 36th in bankruptcy rate (3.3 per 1,000 people)
- 42nd in foreclosures (2.8%)
We believe it takes a combination of innovative programs, safe products and effective policies to ensure ALL Marylanders achieve financial security. We need your story, your voice, or your donation to ensure these goals.