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A universal EITC: Sharing the gains from economic growth, encouraging work, and supporting families

Date Added to Library: 
Monday, June 24, 2019 - 11:19
Priority: 
normal
Individual Author: 
Burman, Leonard E.
Reference Type: 
Place Published: 
Washington, D.C.
Published Date: 
05/20/2019
Published Date (Date): 
Monday, May 20, 2019
Year: 
2019
Language(s): 
Abstract: 

This report analyzes a straightforward mechanism to mitigate middle-class wage stagnation: a wage tax credit of 100 percent of earnings up to a maximum credit of $10,000, called a universal earned income tax credit. The child tax credit would increase from $2,000 to $2,500 and be made fully refundable. A broad-based, value-added tax of 11 percent would finance the new credit. The proposal is highly progressive and would nearly end poverty for families headed by a full-time worker. This report compares the proposal with current law, analyzes its economic effects, compares it to alternative reform options, and considers some complementary policy options. (Author abstract)

Geographic Focus: 
Page Count: 
48
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