A universal EITC making work pay in the age of automation Leonard E. Burman
By: Burman, Leonard Emanuel
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Material type: 
ArticlePublisher: 2020Subject(s): IMPUESTOS | POLITICA FISCAL | GASTOS FISCALES | PRESTACIONES SOCIALES | RENTAS BAJAS | NIÑOS | ESTADOS UNIDOS
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National Tax Journal v. 73, n. 4, December 2020, p. 1187-1218Summary: The universal earned income tax credit is a worker subsidy designed to offset wage stagnation. The base proposal would replace existing subsidies for working families with a refundable 100 percent tax credit on individual wages up to $10,000 and a larger, refundable child tax credit. The maximum credit grows with gross domestic product, guaranteeing that low-wage workers benefit from economic growth. The credits are offset by a broad-based value-added tax or income surtax. The proposals are progressive: After-tax income for the bottom quintile would increase by about 25 percent. The tax burden on the top 1 percent would increase by 7-14 percent of income, depending on financing.
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| OP 233/2020/4-1 Sharing the wealth | OP 233/2020/4-10 The new tax legislative and regulatory process | OP 233/2020/4-11 Moving forward with the earned income tax credit and child tax credit | OP 233/2020/4-12 A universal EITC | OP 233/2020/4-13 Does the Federal Income Tax Law favor entrepreneurs? | OP 233/2020/4-14 Profit shifting before and after the Tax Cuts and Jobs Act | OP 233/2020/4-2 Taxes as pandemic controls |
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The universal earned income tax credit is a worker subsidy designed to offset wage stagnation. The base proposal would replace existing subsidies for working families with a refundable 100 percent tax credit on individual wages up to $10,000 and a larger, refundable child tax credit. The maximum credit grows with gross domestic product, guaranteeing that low-wage workers benefit from economic growth. The credits are offset by a broad-based value-added tax or income surtax. The proposals are progressive: After-tax income for the bottom quintile would increase by about 25 percent. The tax burden on the top 1 percent would increase by 7-14 percent of income, depending on financing.
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