Number of the Day: 106,000

April 11, 2013 | Number of The Day

Two federal tax credits designed to assist families financially, helped lift 106,000 children out of poverty in New Jersey in 2010, according to New Jersey Policy Perspective, a liberal-leaning think tank based in the Garden State and its Washington, D.C., partner, the Center on Budget and Policy Priorities.

According to research, the federal Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) make these children more likely to attend college and earn more as adults.

The report indicated that the extra funds gained by these programs allow single mothers to work more hours; enables young children in low-income families to do better in school with each $1,000 in annual income; and increases the likelihood of higher earnings as an adult.

The study said that one of six (581,000) New Jersey households benefited from the EITC and 466,000 from the CTC in 2010.