Working Americans’ Tax Cut Act

This bill would change federal income tax rules. For people whose income is below 175 percent of a "cost-of-living exemption," it would cap their regular income tax at 25.5 percent of the income above that exemption. The exemption would be based on a $46,000 annual cost-of-living wage, adjusted for inflation, set at 100 percent for single filers, 200 percent for joint returns, and 140 percent for heads of household. The bill would also add a surcharge on non-corporate taxpayers of 5 percent on income between $1 million and $2 million, 10 percent between $2 million and $5 million, and 12 percent above $5 million, with thresholds raised 50 percent for joint filers. Both changes would apply to tax years beginning after December 31, 2025.

Full text and official record on Congress.gov

Sponsors

• Donald S. Beyer, Jr. Democrat sponsor
• 13 cosponsors