A bill to amend the Internal Revenue Code of 1954 to increase the amount of the earned income credit, and for other purposes.

Amends the Internal Revenue Code to increase from $5,000 to $8,000 the amount of earned income which may be taken into account for purposes of the earned income tax credit. Provides for a phaseout of such credit for taxpayers with adjusted gross incomes between $10,000 and $15,000.

Amends the Social Security Act to provide that such credit shall not be considered as income for purposes of the Aid to Families with Dependent Children (AFDC) program.