Keep Your Pay Act increases the standard deduction and top tax rates, and establishes a refundable child tax credit with monthly advance payments.
The Keep Your Pay Act amends the Internal Revenue Code to increase the standard deduction and top tax rates for highest earners. It also establishes a refundable child tax credit with monthly advance payments. The credit is based on the monthly specified child allowance, which is reduced by the taxpayer's modified adjusted gross income. The bill includes provisions for inflation adjustments, identification requirements, and rules for determining eligibility and care. It also addresses issues related to competing claims, grace periods, hardships, and the disallowance period.