1. Tax Time is Only the Beginning Asset Building and Wealth Creation for Working Families 27 September 2010 Workshop Six Harnessing Tax Credits For California Working Families

2. The Asset Building Program can be thought of as R&D for getting ahead. We work at the local and state level to broaden savings and asset ownership in California. The New America Foundation is a non-partisan, multidisciplinary think tank that aims to bring new thinkers and ideas to the public discourse. About us

3. What is asset building? People dont spend their way out of poverty Policies incentivizing wealth mainly benefit upper-income earners If income gets you by, assets (savings, education, property, a business) get you ahead

4. The difference between assets and income Understanding the difference: http://www.youtube.com/watch?v=4m37JkkGjAY &feature=related (technically, NSFW. Clip shown 1:45-2:35)

5. Thats what we call asset poverty as·set pov·er·ty: n, the brink of disaster Twice as pervasive than income poverty Thirty percent of Californians dont have enough savings to get by for three months if they were to lose their income.

6. The symptoms Those who cannot get ahead are trapped. -vulnerable to second-class systems of financial planning -barriers to becoming informed -may find it harder to become self-sufficient

7. Where we believe the solution lies Opportunities all along the life span and of all types Tools and incentives for saving -automatic savings, college savings Products and services that meet workers needs -Access, education Protect: -Safety net, predatory lending

8. Asset policies on the ground: The goals of asset policies Everyone wins- greater assets, inclusion for working families, economic growth, an expanded middle class -Responsible small dollar loans -Banking the unbanked (300,000 in LA)

9. Assets matter Every citizen has a stake in the economy -increased civic participation -improved health, physical and mental -greater academic performance -And, of course, greater economic security

10. Our panel- connecting local work to broader asset building Giving policy the reality check- opportunities for reform, and the challenges on the ground

11. Tax Time is Only the Beginning Asset Building and Wealth Creation for Working Families 27 September 2010 Workshop Six Harnessing Tax Credits For California Working Families

12. Maria Sotero sotero@newamerica.net 916-706-2772