H.R.7937

The Working Americans’ Tax Cut Act proposes changes to the Internal Revenue Code, including a new alternative maximum tax for low- and middle-income.

The Working Americans’ Tax Cut Act amends the Internal Revenue Code to introduce an alternative maximum tax for low- and middle-income individuals, setting a cap at 25.5 percent of the excess of the taxpayer’s modified adjusted gross income over the cost-of-living exemption. It also imposes a surcharge on high income individuals, with rates varying based on income brackets and filing status. The bill includes provisions for inflation adjustments and specifies that the tax imposed under this act is not treated as a tax imposed by the chapter for certain purposes.