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S 4877 116th Congress Senate Taxation

RAISE Working Families Act

Introduced: October 26, 2020 Introduced by: Cortez Masto, Catherine Democratic · Nevada See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 26, 2020
Read twice and referred to the Committee on Finance.
Oct 26, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

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).

What's happening now October 26, 2020

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1