Budget & Taxes (Income Tax)

in committee · United States · House Dec 18, 2025

HR 6842: Disaster Survivors Tax Relief and Recovery Act

This bill provides tax relief to individuals affected by qualifying disasters. It allows taxpayers to use their previous year's earned income to calculate tax credits like the Earned Income Tax Credit if their 2025 income was reduced by a disaster. The bill temporarily removes limits on charitable contributions for disaster relief, permits penalty-free withdrawals up to $100,000 from retirement plans, and adjusts rules for claiming personal casualty losses related to disasters. These provisions apply to individuals whose principal homes were in designated disaster areas during specific periods. The bill aims to help disaster survivors recover financially by easing tax burdens related to their losses.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides disaster tax relief including EITC eligibility, penalty-free retirement withdrawals, and casualty loss adjustments for affected individuals, strengthening tax benefits for lower/middle income.95% confidence

Sub-Topics Income Tax Tax Credits

Track

in committee · United States · Senate Jan 29, 2025

S 293: WALL Act of 2025

The WALL Act of 2025 appropriates $25 billion for constructing a physical barrier along the southern U.S. border. It implements new Social Security number requirements for tax credits like the child tax credit and earned income tax credit, with exceptions for individuals prohibited from working in the U.S. The bill also mandates E-Verify checks for eligibility for certain federal benefits, including housing assistance, and increases civil penalties for illegal entry and overstay. These provisions directly affect immigrants seeking tax benefits, housing assistance, and those who enter the country without authorization.

Topics ✓ Budget & TaxesSupports Budget & TaxesAppropriates $25B for border barrier (budget spending) and requires SSN for tax credits (fiscal management), directly advancing budget & tax policies.90% confidence ✗ HousingOpposes HousingMandates E-Verify for housing assistance eligibility, restricting access to federal housing aid programs and adding barriers for qualifying individuals.90% confidence ✗ ImmigrationOpposes ImmigrationAppropriates $25B for border wall, mandates E-Verify for benefits, increases penalties for illegal entry - clearly restrictive enforcement measures95% confidence

Sub-Topics Income Tax Tax Credits Border Security Enforcement Work Authorization

Track

in committee · United States · Senate Apr 9, 2025

S 1393: American Family Act

The American Family Act creates a new monthly child tax credit that would provide $300 per month for each child under age 6 and $300 per month for each child age 6 and older, with income-based eligibility limits. The credit would be refundable, meaning it could be paid even if a family owes no income tax, and would replace the current annual child tax credit. The bill establishes income thresholds ($150,000 for joint filers) above which the credit begins to phase out, with full phase-out at $400,000 for joint filers. It also includes provisions for "presumptive eligibility" to allow for advance payments based on previous tax returns or government program data. The bill would terminate the existing annual child tax credit after 2024, replacing it with this monthly payment system.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates refundable monthly child tax credit ($300/month per child) with income phase-out starting at $150k joint income, providing direct tax relief to middle/lower income families and replacing the current annual credit with higher monthly p...95% confidence

Sub-Topics Income Tax Tax Credits

Track

in committee · United States · Senate Mar 11, 2025

S 930: A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans.

This bill allows farmers who sell qualified farmland to a "qualified farmer" to exclude capital gains from their taxable income if they reinvest the proceeds into an individual retirement plan (IRA) within 60 days. To qualify, the land must have been used for farming by the seller for 10 years, and the buyer must agree in writing to maintain the land as farmland for at least 10 years. If the buyer sells the land or stops using it for farming within that decade, they must repay the excluded gains plus interest as an additional tax. The bill also temporarily increases IRA contribution limits for these reinvestments, applying to sales after the law's enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesExcludes capital gains from taxation for farmers reinvesting in IRAs, providing direct tax relief under IRS code - clear tax policy change supporting taxpayers.95% confidence

Sub-Topics Income Tax Tags Agriculture

Track

in committee · United States · Senate Feb 6, 2025

S 445: Carried Interest Fairness Act of 2025

The Carried Interest Fairness Act of 2025 would change how investment fund managers are taxed on their "carried interest" - the share of profits they earn for managing investment funds. Currently, this is often taxed at lower capital gains rates, but the bill would require it to be taxed as ordinary income instead. It creates new rules for "investment services partnership interests" and specifies that gains and losses from these interests must be treated as ordinary income or loss. The bill directly affects investment fund managers and aims to align their tax treatment more closely with how other business income is taxed.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses tax loophole for investment fund managers by taxing carried interest as ordinary income instead of capital gains, promoting fiscal equity and closing preferential tax treatment.95% confidence

Sub-Topics Business Taxes Income Tax

Track

in committee · United States · Senate Feb 27, 2025

S 770: Social Security Expansion Act

The Social Security Expansion Act (S 770) increases benefits for Social Security recipients by raising the first bend point percentage from 90% to 95% and adding an 18% increase for those eligible after 2025. It establishes a new Consumer Price Index for Elderly Consumers (CPI-E) to calculate cost-of-living adjustments and increases minimum benefits for lifetime low earners based on years worked, with benefits ranging from 16.25% to 125% of poverty guidelines. The bill also extends benefit eligibility for children who are full-time students until age 22 (instead of 19) and introduces new taxes on high earners, including a payroll tax on income between the contribution base and $250,000, a tax on self-employment income above $250,000, and raises the investment gains tax from 3.8% to 16.2%. The legislation consolidates Social Security's trust funds into a single Social Security Trust Fund.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands Social Security benefits through increased government spending on essential retirement program, aligning with funding essential programs.90% confidence ✓ Labor & EmploymentSupports Labor & EmploymentExpands Social Security benefits for retirees and low earners, increasing minimum benefits and adjusting COLA via CPI-E, directly advancing worker financial security.95% confidence

Sub-Topics Income Tax Unemployment

Track

in committee · United States · Senate May 12, 2025

S 1718: Invest America Act

The Invest America Act (S.1718) creates new tax-advantaged accounts for children, directly affecting U.S. citizens born after July 4, 2026, with at least one U.S. citizen parent. It establishes "Invest America accounts" that must invest exclusively in S&P 500 index funds, limit annual contributions to $5,000 (adjusted for inflation), and prohibit distributions before age 18. The federal government will automatically contribute $1,000 per eligible child to these accounts, with the contribution excluded from taxable income. These accounts are exempt from income tax but subject to unrelated business income tax, and must be administered by qualified financial institutions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill mandates federal $1,000 contributions per child to tax-advantaged accounts, creating new government spending and tax benefits under Budget & Taxes.92% confidence

Sub-Topics Income Tax

Track

in committee · United States · Senate Apr 10, 2025

S 1421: Child and Dependent Care Tax Credit Enhancement Act of 2025

This bill enhances the Child and Dependent Care Tax Credit to help more families afford childcare. It increases the credit percentage to 50% for lower-income families (up from 35%), raises the income threshold for full credit ($125,000 to $400,000 phaseout), and doubles the maximum credit amounts ($3,000/$6,000 to $8,000/$16,000 for one/two or more children). The credit becomes refundable for qualifying families, meaning those who owe little or no income tax can receive the full credit as a refund. It also includes annual inflation adjustments to maintain the credit's value over time.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit for lower-income families, raises income thresholds, and makes credit refundable - direct tax relief supporting fiscal assistance for households.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentEnhances childcare tax credit, reducing financial barriers for working parents and supporting workforce participation through expanded benefits.90% confidence

Sub-Topics Income Tax Tax Credits

Track

in committee · United States · House Jan 22, 2025

HR 615: To amend the Internal Revenue Code of 1986 to establish a refundable tax credit for individuals for amounts paid for gas and electricity for primary residences.

HR 615 creates a refundable tax credit for individuals covering up to $350 of gas and electricity costs paid directly to utilities for their primary residence. It applies to taxpayers with modified adjusted gross income under $400,000 for joint filers or $200,000 for single filers, excluding dependents and costs already covered by other credits. The bill requires landlords including utility costs in rent to provide annual receipts to tenants and the IRS. This credit directly affects homeowners and renters paying utility bills for their main residence, with the credit amount capped at $350 per year. It does not apply to secondary homes or utility costs covered elsewhere in tax law.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates refundable tax credit for utility costs targeting middle/lower income households ($200k/$400k AGI limits), providing direct tax relief as a fiscal support measure.95% confidence ✓ EnergySupports EnergyBill directly protects utility consumers by reducing gas/electricity costs through a refundable tax credit, aligning with 'protects utility consumers' indicator for energy topic.95% confidence

Sub-Topics Income Tax Tax Credits

Track

in committee · United States · Senate Apr 9, 2025

S 1382: Family First Act

The Family First Act permanently expands the child tax credit to $4,200 per child under age 6 and $3,000 per child ages 6-16, with phaseouts for higher-income households. It creates a new $2,800 credit for pregnant mothers requiring medical certification of pregnancy at 20+ weeks, excluding cases involving induced abortion (except for medical reasons). The bill also simplifies the Earned Income Tax Credit, eliminates the head of household filing status, and limits certain deductions for taxpayers. These provisions apply to taxable years beginning after December 31, 2025, and require social security numbers for both taxpayers and qualifying children to claim the credits.

Topics ✓ Budget & TaxesSupports Budget & TaxesExpands child tax credits and EITC for lower/middle-income families, providing direct tax relief per bill's summary.95% confidence

Sub-Topics Income Tax Tax Credits

Track