Summary: S.4877 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.4877. Bill summaries are authored by CRS.

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Introduced in Senate (10/26/2020)

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).