Budget & Taxes (Income Tax)

in committee · United States · House Mar 16, 2026

HR 7937: Working Americans’ Tax Cut Act

This bill, titled the Working Americans' Tax Cut Act, proposes two main tax changes: it would create an alternative maximum tax rate of 25.5% for individuals earning less than 175% of a cost-of-living exemption (approximately $46,000 for single filers), and it would impose a progressive surcharge on high-income taxpayers earning over $1 million. The alternative tax would cap the total tax liability for low- and middle-income earners at 25.5% of their income above a basic living threshold, while the surcharge would add 5%, 10%, and 12% taxes on income brackets above $1 million, $2 million, and $5 million respectively. Both provisions would apply to taxable years beginning after December 31, 2025, and include inflation adjustments based on the Consumer Price Index.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief for low and middle income earners by capping their tax liability at 25.5% while imposing surcharges on high income taxpayers, promoting fiscal equity.90% confidence

Sub-Topics Fees & Licensing Income Tax Tax Credits

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in committee · United States · Senate Mar 12, 2026

S 4083: Working Americans’ Tax Cut Act

This bill, titled the Working Americans' Tax Cut Act, proposes two main tax changes: it creates an alternative maximum tax rate of 25.5% for low- and middle-income individuals earning less than 175% of a cost-of-living exemption, and it imposes a progressive surcharge on high-income individuals earning over $1 million. The low-income provision calculates taxes based on income above a living expense threshold that adjusts annually with inflation, while the high-income surcharge applies rates of 5%, 10%, and 12% to income brackets above $1 million, $2 million, and $5 million respectively. Both provisions use modified adjusted gross income as the base for calculations and apply to taxable years beginning after December 31, 2025. The bill would directly affect individual taxpayers by altering how their income is taxed under the Internal Revenue Code.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill proposes tax cuts for low/middle-income individuals and progressive surcharges on high earners, aligning with fiscal responsibility and tax relief for working Americans.85% confidence

Sub-Topics Fees & Licensing Income Tax Tax Credits

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in committee · United States · House Mar 3, 2026

HR 7770: Hearing Aid Assistance Tax Credit Act

This bill, known as the Hearing Aid Assistance Tax Credit Act, would create a new tax credit for individuals who purchase hearing aids. It directly affects taxpayers who buy qualified hearing aids and want to reduce their income tax liability. The credit would provide up to $1,000 per year for hearing aid purchases that are not covered by insurance, with income limits set at $300,000 for joint filers and $150,000 for other individuals. The bill also includes a provision preventing taxpayers from claiming this credit more than once every five years and ensures they cannot receive both a deduction and credit for the same expense. These changes would take effect for taxable years beginning after December 31, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates tax credit for hearing aid purchases, providing tax relief to individuals and reducing income tax liability for taxpayers.90% confidence ✓ HealthcareSupports HealthcareBill creates tax credit for hearing aids, improving patient access to essential healthcare services and reducing out-of-pocket costs.90% confidence

Sub-Topics Income Tax Tax Credits

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in committee · United States · House Feb 25, 2026

HR 7707: OLYMPICS Act

This bill proposes a 100 percent tax on income earned by U.S. citizens and permanent residents who compete in major international sporting events like the Olympics or World Cup while representing foreign countries designated as entities of concern. The tax applies to both prize money and sponsorship income received from these competitions. It defines covered individuals as U.S. nationals or permanent residents and specifies that global athletic events include the Summer and Winter Olympics, World Cup, Tour de France, and Wimbledon. The legislation would take effect for amounts received after the bill is enacted, with the revenue treated as regular income tax under existing Internal Revenue Code rules.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill imposes new tax on specific income, increasing government revenue and addressing fiscal concerns by targeting income from foreign entities of concern.95% confidence

Sub-Topics Income Tax

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in committee · United States · Senate Feb 26, 2026

S 3948: Direct File Act of 2026

This bill, known as the Direct File Act of 2026, would establish a government-run online platform for taxpayers to prepare and file their individual income tax returns for free. It requires the Treasury Department to create a user-friendly system that uses IRS data to simplify the process, offers customer support, and is available in multiple languages and on mobile devices. The legislation also prohibits the Treasury from entering into agreements that would limit its ability to provide these tax preparation and filing services. Additionally, the bill allows eligible states to integrate their state tax filing with the federal system and provides funding to states that meet certain standards for doing so.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates free government tax filing platform, reducing taxpayer costs and improving access to tax services.85% confidence ✓ TechnologySupports TechnologyBill creates government-run online tax filing platform, expanding digital access and promoting digital equity through free, user-friendly technology services.85% confidence

Sub-Topics Income Tax Social Media

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in committee · United States · House Mar 3, 2026

HR 7768: Tax Relief for Renters Act of 2026

This bill, known as the Tax Relief for Renters Act of 2026, would allow renters to deduct a portion of their rent payments from their federal income tax. The deduction would be limited to $4,000 per year for individuals who lease their primary residence, with the amount subject to inflation adjustments starting in 2028. Eligibility is restricted by income thresholds, with higher limits for joint filers and lower limits for single filers and married couples filing separately. The provision would apply to tax years beginning after December 31, 2026, and would be available to taxpayers who do not itemize deductions as well as those who do.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief for renters by allowing rent deductions, reducing tax burden for middle/lower income households.90% confidence ✓ HousingSupports HousingBill provides tax deduction for renters, financially supporting tenants and making housing more affordable85% confidence

Sub-Topics Income Tax Landlords Renters Tenant Rights

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in committee · United States · Senate Mar 17, 2026

S 4122: Equal Tax Act

This bill, titled the Equal Tax Act, proposes changes to how the U.S. tax system treats capital gains and earned income. It would limit preferential tax rates for capital gains to individuals with taxable incomes of $1,000,000 or less, while maintaining lower rates for qualifying family farms and businesses. Additionally, the bill would require taxpayers to recognize capital gains when property is transferred through gifts or inheritance, except for transfers between spouses and certain charitable contributions. The legislation also includes provisions for reporting certain gifts and bequests, allows for extended payment terms for taxes owed on gains realized due to death, and places limits on using like-kind exchanges to defer taxes on real estate gains.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill closes capital gains tax loopholes for high earners, promoting fiscal responsibility and tax equity85% confidence

Sub-Topics Income Tax

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in committee · United States · Senate Feb 26, 2026

S 3930: HOPE (Humans over Private Equity) for Homeownership Act

This bill, titled the HOPE for Homeownership Act, imposes a 15 percent excise tax on hedge funds that purchase single-family homes with 1 to 4 units. The tax applies to any hedge fund taxpayer that manages at least $50 million in assets and acquires a majority ownership interest in such residential properties. Additionally, the legislation disallows mortgage interest deductions and depreciation for hedge funds that rent or lease these homes, while also reducing their eligibility for certain business income tax benefits. These tax changes are designed to discourage institutional investors from buying residential properties for investment purposes.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill imposes excise tax on hedge funds purchasing single-family homes, closing a tax loophole and promoting fiscal responsibility by limiting tax advantages for wealthy entities.95% confidence ✓ HousingSupports HousingBill imposes tax on hedge funds buying single-family homes to prevent speculation and increase housing availability for regular buyers, supporting affordable housing access.85% confidence

Sub-Topics Income Tax Sales Tax Homeownership Mortgages Renters

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in committee · United States · House Apr 21, 2025

HR 2974: Training and Nutrition Stability

HR 2974 amends the Supplemental Nutrition Assistance Program (SNAP) by adding a specific exclusion for income earned through certain employment and training programs. It directly affects SNAP households where members participate in programs like vocational rehabilitation (under the Rehabilitation Act of 1973), refugee employment initiatives (under immigration law), or other defined training programs. The key change removes the requirement to count income from allowances, earnings, or payments received in these specific programs when determining SNAP eligibility. This adjustment means participants in these programs will have that income excluded from their household's calculation, potentially increasing their SNAP benefits. The bill modifies existing SNAP rules without creating new programs or changing benefit levels.

Topics ✓ Budget & TaxesSupports Budget & TaxesExcludes income from SNAP eligibility calculations, increasing benefits for low-income households and expanding government spending on nutrition assistance.92% confidence ✓ ImmigrationSupports ImmigrationExplicitly excludes income from refugee employment initiatives (under immigration law) in SNAP eligibility, ensuring immigrant access to nutrition benefits without penalty.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentExcludes training program earnings from SNAP income calculation, removing barrier to employment participation in vocational rehabilitation and refugee programs.85% confidence

Sub-Topics Income Tax Refugees & Asylum Apprenticeships Workforce Development

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in committee · United States · House Jan 21, 2025

HR 593: Strengthening Pathways to Health Professions Act

HR 593 exempts certain health profession loan repayments and scholarship payments from federal income tax. It applies to individuals participating in Public Health Service Act programs (like sections 338B, 846, and 338K) and state programs designed to increase healthcare access in underserved areas. The bill also includes scholarships under the Native Hawaiian Health Care Improvement Act in this tax exclusion. These changes take effect for payments received after the bill's enactment date.

Topics ✓ Budget & TaxesSupports Budget & TaxesExempts health profession loan repayments/scholarships from federal income tax, providing tax relief for healthcare workers in underserved areas.95% confidence ✓ HealthcareSupports HealthcareExempts health profession loan/scholarship payments from taxes to incentivize workforce in underserved areas, directly strengthening healthcare access and provider recruitment.95% confidence

Sub-Topics Income Tax Public Health

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