H.R. 10367, the Working Americans Affordability Tax Credit Act, establishes a new $4,200 annual tax credit for eligible working Americans (doubled to $8,400 for joint returns) beginning in 2027, while simultaneously implementing a comprehensive new tax system on high-net-worth individuals and entities. The bill targets individuals, trusts, and estates meeting either a $100 million income threshold or $1 billion in covered assets over three consecutive years, requiring them to recognize gains and losses on certain investments annually rather than deferring taxation until sale, with special rules for gifts, bequests, and business transfers that generally trigger capital gains taxes at fair market value. These higher-income taxpayers can elect to spread certain tax liabilities over five installments, with accelerated payment required upon asset disposal or death, and the bill restricts certain tax-deferral strategies previously available to wealthy investors, such as Qualified Opportunity Fund elections and the qualified small business stock exclusion. The Treasury Secretary receives broad authority to create simplified reporting and compliance methods, and the provisions become effective at various dates beginning November 30, 2025, with most taking effect January 1, 2026 or later.