T20-0217 - Implement a Universal Earned Income Tax Credit (UEITC), Expand the Child Tax Credit (CTC), and Institute an 12 Percent Surtax on Taxable Income, by Expanded Cash Income Percentile, 2023
Distributional estimates by expanded cash income percentile for calendar year 2023 of a proposal that institutes a Universal Earned Income Tax Credit (UEITC) (described here), enhances the Child Tax Credit (CTC), and adds an 12 percent surtax on taxable income. The baseline is the law in place for 2023 as of January 1st, 2018. These proposals would begin phasing in on January 1st, 2020, and would be fully phased in on January 1st, 2023. These estimates are based on an economic forecast that does not include the potential effects of the economic distruption caused by COVID-19.