Working Americans Affordability Tax Credit Act

This bill would create a yearly federal tax credit of $4,200 for each U.S. citizen or national who is not claimed as a dependent, or $8,400 for a married couple filing jointly if both spouses qualify. The credit would get smaller as income rises and would reach zero at $100,000 of income ($200,000 for joint filers). It would start in tax years beginning after December 31, 2026. The bill would also change tax rules for people with income over $100 million or assets over $1 billion in each of the 3 prior years. These people would owe tax each year on gains in tradable assets they still own, pay an added interest-based charge when selling other assets, and be taxed as if they sold assets when giving them away or passing them on at death.

Full text and official record on Congress.gov

Sponsors

• Greg Landsman Democrat sponsor
• 0 cosponsors