Mark Huelsman
The federal tax system contains numerous credits, deductions, and incentives for individuals and families to build wealth and make goals like higher education more accessible and affordable. By May 2010, over 129 million American taxpayers filed federal income tax returns from the previous year, ninety-six million – or three-fourths – of which resulted in a federal refund. The average federal refund was $2,887 for all taxpayers, and low- and moderate-income (LMI) families in particular tend to receive larger tax refunds relative to annual income. In short, tax credits and incentives represent one of the few touch points each year for LMI families to set aside money for wealth building and future aspirations, particularly for higher education.
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