1. High school graduation evaluated by age 20. EITC exposure is in real 2013 dollars. Demographic controls include black, Hispanic, female, number of kids in household, ever-married parents, whether mom or dad finished high school or college, and an age cubic. State-year controls include annual state measures (at age 18) of GDP, unemployment, top marginal income tax rate, minimum wage, maximum welfare benefits, spending on higher education, and state tax revenue. Interaction controls include interactions between black, Hispanic, and female with state and birth year. State-specific time trends quadratic are assigned by birth year. Results reflect estimating equation (1);to 2013 Panel Study of Income Dynamics. Notes: Full set of controls from Table A4 column 5,1968