S.4083

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.