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Major Expansion of Family Tax Credits Funded by Corporate Tax Hikes.

This Act significantly increases financial support for families and low-income workers by expanding the Earned Income Tax Credit (EITC) and establishing a new, fully refundable Child Tax Credit (CTC) with monthly advance payments. These changes are primarily funded by raising the federal corporate income tax rate from 21% to 28% and increasing capital gains taxes for the wealthiest taxpayers. The stated goal is to use the net revenue to reduce the national deficit and debt.
Key points
The Child Tax Credit (CTC) becomes fully refundable and is paid out monthly in advance (up to $350 per child), providing families with more consistent cash flow.
The EITC is substantially expanded, increasing refund amounts for low-wage workers and lowering the minimum eligibility age to 18.
The corporate income tax rate increases from 21% to 28%, and the tax on corporate stock repurchases rises from 1% to 4%.
High-income taxpayers (earning over $1 million annually) will no longer qualify for preferential lower tax rates on capital gains.
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Additional Information
Print number: 118_HR_5953
Sponsor: Rep. Sykes, Emilia Strong [D-OH-13]
Process start date: 2023-10-25
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Lower Your Taxes Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5953.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-10-25.

What are the main provisions?

Key points include:

  • The Child Tax Credit (CTC) becomes fully refundable and is paid out monthly in advance (up to $350 per child), providing families with more consistent cash flow.
  • The EITC is substantially expanded, increasing refund amounts for low-wage workers and lowering the minimum eligibility age to 18.
  • The corporate income tax rate increases from 21% to 28%, and the tax on corporate stock repurchases rises from 1% to 4%.
  • High-income taxpayers (earning over $1 million annually) will no longer qualify for preferential lower tax rates on capital gains.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Sykes, Emilia Strong [D-OH-13].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes Family Economy