Setting a Record in California

The sellout daylong symposium co-hosted by the New America Foundation began with remarks by First Lady Maria Shriver, was filled with informative sessions on both the nuts and bolts of claiming tax credits and broader policy opportunities, and concluded with a stirring consensus: participants from all parts of the state and the field voted to move forward and formally create a statewide Asset Building and EITC Coalition! 

 

We all know how important these resources are—and how important work increasing awareness about tax credits is—not least because, in addition to helping provide an onramp to larger economic security, these tax credits stimulate California’s economy and create jobs. Our report Left on the Table found that Californians and the economy lost $1.2 billion due to low claims of the EITC, setting the context for this conference and the newly-invigorated coalition. 

 

I moderated a panel on the connections between tax time and asset building, and the policy opportunities therein. It was standing-room-only, but more importantly, many of those present were hearing of “asset building” for the first time. I kicked off my breakdown of asset building by playing very selected sections of this Chris Rock routine (from 1:45 to 1:57, and from 2:10 to 2:35, for those of you concerned or interested). The comedian talks about the difference between being rich and being wealthy in a way we should all remember and return to–and it’s certainly an effective medium for making a new audience comfortable with these concepts. 

 

For local groups looking for a model, I’d like to highlight the recent work by Contra Costa County’s Family Economic Security Partnership framing tax preparation sites as invaluable conduits of local economic growth. I spoke at their recent event releasing their own local version of Left on the Table, and we look forward to partnering with them and others to increase awareness and broaden the EITC and Asset Building Coalition.

 

Thanks to the hard work and yearlong planning effort of the steering committee, especially by Cal-Neva, a coalition to build a stronger middle class has come together in California. Through our combined efforts- sharing resources, ideas, standardized curricula for financial advising, and helping leverage media connections- those working in the tax preparation, financial, community and policy arenas can help more people claim their tax credits, save, and build assets in California (and as those who watched the clip learned, avoid misfortunes like those befallen by Rick James).