Kamala Harris – LewRockwell

On the first day of the 116th Congress (Jan. 3), Senator Kamala D. Harris (D-CA) re-introduced the LIFT [Livable Incomes for Families Today] the Middle Class Act (S.4). The legislation “provides middle class and working families with a tax credit of up to $6,000 a year—or up to $500 a month—to address the rising cost of living.”

“We need to make America’s tax code work for working people,” said Senator Harris. “Instead of more tax breaks for the top 1% and corporations, we should be lifting up millions of American families. A real tax cut for middle class families is a good place to start. That is why the LIFT the Middle Class Act is my first priority in the new Congress.”

According to the Tax Foundation, the main details of the LIFT the Middle-Class Act are:

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  • LIFT would provide a refundable credit that would match a maximum of $3,000 in earned income ($6,000 for married couples filing jointly).
  • The credit would begin to phase out for single taxpayers starting at $30,000 of adjusted gross income (AGI) and $80,000 for single taxpayers with children, and begin phasing out for married taxpayers at $60,000 of AGI. The phaseout rate for all taxpayers would be 15 percent.
  • The credit amount and the income parameters would be adjusted each year for chained CPI-U.
  • Dependent taxpayers over the age of 18 who file tax returns would also be eligible for the credit.
  • Earned income would be defined as wages, net self-employment income, and Pell Grants.
  • Taxpayers would no longer be eligible for the credit if they reported more than $3,850 in investment income. Investment income is defined as interest, dividends, net capital gains, and…

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