; table of contents. Sec. 2. Sense of Congress. Sec. 3. Expansion of earned income tax credit. Sec. 4. Payments to taxpayers determined by treating State non-refundable earned income tax credits as refundable. Sec. 5. Establishment of refundable child tax credit with monthly advance payment. Sec. 6. Capital gains rates not applicable to certain high income taxpayers. Sec. 7. Increase in rates of certain corporate taxes. 2. Sense of Congress It is the sense of Congress that the net revenue derived from this Act should be used to reduce the national deficit, to the extent thereof, and thereafter to reduce the national debt. 3. Expansion of earned income tax credit (a) Credit percentage The table contained in section 32(b)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking 34 and inserting 68 , (2) by striking 40 and inserting 80 , (3) by striking 45 and inserting 90 , and (4) by striking 7.65 in the column with the heading The credit percentage is: and inserting 35 . (b) Phaseout percentage The table contained in section 32(b)(1) of such Code is amended— (1) by striking 15.98 and inserting 7 , (2) by striking 21.06 both places it appears and inserting 10 , and (3) by striking 7.65 in the column with the heading The phaseout percentage is: and inserting 7 . (c) Earned income amount The table contained in section 32(b)(2)(A) of such Code is amended— (1) by striking $6,330 and inserting $19,000 , (2) by striking $8,890 and inserting $27,000 , and (3) by striking $4,220 and inserting $15,000 . (d) Phaseout amount (1) In general The table contained in section 32(b)(2)(A) of such Code is amended— (A) by striking $11,610 both places it appears and inserting $30,000 , and (B) by striking $5,280 and inserting $15,000 . (2) Joint returns Section 32(b)(2)(B) of such Code is amended by striking determined under subparagraph (A) shall be increased by $5,000 and inserting twice the amount determined under subparagraph (A) . (3) Inflation adjustment Section 32(j) of such Code is amended to read as follows: (j)