; phaseout amount For purposes of this section— (1) Earned income amount The term earned income amount means $4,000 (twice such amount in the case of a joint return). (2) Phaseout amount The term phaseout amount means $30,000 ($50,000 in the case of a joint return). (3) Inflation adjustment In the case of any taxable year beginning after 2023, the $4,000 amount in paragraph (1) and each dollar amount in paragraph (2) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2022 for 2016 in subparagraph (A)(ii) thereof. If any increase under the preceding sentence is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . (4) Conforming amendments (A) Section 32(i) of such Code is amended by adding at the end the following new paragraph: (3) Inflation adjustment (A) In general In the case of any taxable year beginning after 2021, the $10,000 amount in subsection (i)(1) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting 2020 for 2016 in subparagraph (A)(ii) thereof. (B) Rounding If any increase under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . (B) Section 32 of such Code is amended by striking subsection (j). (f) Increased credit for certain unmarried individuals with 2 or more qualifying children (1) In general Section 32 of such Code is amended by inserting after subsection (f) the following new subsection: (g) Increased credit for certain unmarried individuals with 2 or more qualifying children (1) In general In the case of a qualified individual, the amount of the credit otherwise determined under subsection (a) shall be increased by the amount of the credit