Lower Your Taxes Act
This bill increases the earned income tax credit, makes the child tax credit fully refundable, and establishes a program of advance monthly payments for such credit.
The bill increases the percentage rates and amounts of the earned income tax credit and expands age eligibility for the credit (lowering the age baseline from 25 to 18 and eliminating the age 65 limit).
The bill establishes a new refundable child tax credit with monthly advance payments of credit amounts.
The bill creates several set-off provisions, including (1) denying preferential capital gain tax rates for taxpayers with taxable income in excess of $1 million, (2) increasing the corporate income tax rate from 21% to 28%, and (3) increasing the excise tax rate on repurchases of corporate stock and the rate of the corporate alternative minimum tax.
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