Working Americans’ Tax Cut Act proposes an alternative maximum tax for low- and middle-income individuals.

The Working Americans’ Tax Cut Act amends the Internal Revenue Code to introduce an alternative maximum tax for low- and middle-income individuals. This tax applies to qualified individuals with modified adjusted gross income exceeding certain thresholds. The tax rates are 5% for income between $1,000,000 and $2,000,000, 10% for income between $2,000,000 and $5,000,000, and 12% for income exceeding $5,000,000. The act also includes provisions for inflation adjustments and special rules for certain taxpayers, such as those filing joint returns or living abroad.

Working Americans’ Tax Cut Act proposes an alternative maximum tax for low- and middle-income individuals.

The Working Americans’ Tax Cut Act amends the Internal Revenue Code to introduce an alternative maximum tax for low- and middle-income individuals. This tax applies to qualified individuals with modified adjusted gross income exceeding certain thresholds. The tax rates are 5% for income between $1,000,000 and $2,000,000, 10% for income between $2,000,000 and $5,000,000, and 12% for income exceeding $5,000,000. The act also includes provisions for inflation adjustments and special rules for certain taxpayers, such as those filing joint returns or living abroad.