S. 4877 · 116th Congress
RAISE Working Families Act
- Stage
- In committee
- Sponsor
- Catherine Cortez Masto
- Introduced
- 2020-10-26
- Latest action
- 2020-10-26 · Introduced in Senate
Summary
Rebuild Americans' Income to Strengthen and Empower Working Families Act or RAISE Working Families Act
This bill allows a new refundable income tax credit for individual taxpayers (to be known as the Middle Class Tax Credit) equal to the lesser of $500 ($1,000 for individuals filing joint returns), or the taxpayer's earned income for the taxable year. The amount of the credit is reduced by 2.5% percent of the taxpayer's modified adjusted gross income that exceeds $50,000 ($100,000 for individuals filing joint returns).