119th Congress Taxation
H.R. 463: Lower Your Taxes Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the earned income tax credit (EITC), replaces the child tax credit with an allowance, establishes a new dependent tax credit, limits the capital gains tax rates, and increases taxes on corporations.
The bill
- increases the EITC amount,
- lowers the EITC eligibility age to 18 years (from 25 years) and eliminates the maximum age limit,
- increases the EITC phaseout amount for joint filers to twice that of single filers, and
- requires the Internal Revenue Service (IRS) to notify individuals of their EITC eligibility.
Read the full summary
The bill requires the IRS to create a program for paying individuals certain amounts related to the nonrefundable portion of state EITC amounts.
The bill replaces the child tax credit with a monthly allowance of up to $350 per child depending on the child’s age (subject to income limitations and adjustments for inflation) and requires the IRS to send the allowance to individuals monthly.
The bill establishes a tax credit of $500 for each qualified dependent (subject to income limitations).
Further, the bill
- increases the corporate income tax rate to 28% (from 21%),
- increases the excise tax on corporate stock buybacks to 4% (from 1%), and
- creates a new 25% corporate alternative minimum tax bracket applicable to adjusted financial statement income exceeding $5 billion.
Finally, the bill precludes individuals with taxable income exceeding $1 million ($500,000 for married individuals filing separately) from applying the capital gains tax rates to net capital gains and requires the limits to be adjusted for inflation.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Kweisi Mfume D-MD
- Sylvester Turner D-TX
- Lauren Underwood D-IL
Who scored on this bill
No member has earned points from it yet.
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Other bills by Emilia Sykes
History
- Introduced in the House by Emilia Sykes.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.