Download or read book General Explanations of the Administrations Fiscal Year 2010 Revenue Proposals written by Department of Department of the Treasury and published by CreateSpace. This book was released on 2015-01-03 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2009 and 2010, individual taxpayers are eligible for a refundable tax credit of 6.2 percent of earned income up to a maximum credit of $400 ($800 for joint filers). Thus, workers receive a credit on the first $8,065 of earned income ($16,130 for joint filers). The credit phases out at a rate of 2 percent for taxpayers with modified adjusted gross income in excess of $75,000 ($150,000 for joint filers). Dependent filers are not eligible for the credit. Neither the maximum credit amount nor the beginning of the phase-out range is indexed for inflation.