To amend the Internal Revenue Code to simplify the earned income credit.

Amends the Internal Revenue Code to allow as an earned income credit an amount equal to the credit percentage of so much of the taxpayer's income for the taxable year as does not exceed $5,714, subject to a phaseout of the current percentage limits. Eliminates the consideration of the health insurance credit for self-employed individuals as part of the computation of the earned income credit. Makes such changes effective beginning with taxable years after 1992.

Directs the Secretary of the Treasury to include certain information to the taxpayer as part of a refund of an overpayment of the earned income credit.