Expand the Maximum Earned Income Tax Credit Amounts While Increasing the Phase-In Rates

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Expand the Maximum Earned Income Tax Credit Amounts While Increasing the Phase-In Rates

By Kyle Pomerleau | Alex Brill

Problem

The earned income tax credit (EITC) rewards and encourages work but could do so even more.

Solution

Increase the maximum EITC credit allowable by $500 for families with one child, $1,000 for families with two children, and $1,500 for families with three or more children, and double it for childless individuals. The income required to obtain the maximum credit would not be changed, which would increase the phase-in rate of the credit between $0 and that income level.

Date of Proposal : November 17, 2022

Kyle Pomerleau and Alex Brill, “A Simpler, More Responsible, and Pro-Growth Tax System,” in American Renewal: A Conservative Plan to Strengthen the Social Contract and Save the Country’s Finances, ed. Paul Ryan and Angela Rachidi (American Enterprise Institute, 2022), Read more

Problem

Solution

Date of Proposal : November 17, 2022

Source