Rise Credit
reportThe Rise Credit would replace the existing EITC. In most cases, the Rise Credit would be $4,000 for single people and $8,000 for married couples. Eligible taxpayers would be allowed a credit equal to the maximum amount or their earnings, whichever is less. People caring for young children and certain students would receive the maximum credit. Some unmarried people with children already receive an EITC under current law that is larger than $4,000, so in this situation, an additional component would be provided to prevent them from losing benefits. Income limits would prevent well-off households from receiving the credit.
For more information, see the ITEP report, Understanding Five Major Federal Tax Credit Proposals.
Lead Sponsor/Proponent |
General Explanation |
Share Going to Bottom 60% |
Share Going to Richest 20% |
Total Cost CY 2020 |
| Sen. Cory Booker | New credit to replace EITC | 86% | 1% | $250.5 billion |
State Impact National Impact Who Benefits? Distribution by Race