A Democratic bill with no cosponsors
Last activity — Referred to the House Committee on Ways and Means.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is known as the Working Americans Affordability Tax Credit Act. It creates a new monthly tax credit for working Americans. It also sets up rules to eliminate tax deferrals for billionaires and high-net-worth individuals. The legislation applies specific taxes and reporting requirements to certain pass-through entities and trusts. Additionally, it changes tax rules surrounding deferred compensation, life insurance contracts, and specific investment exclusions.
Yes· 3 of 17
- Scored +9
Does this raise taxes on the highest earners?
The bill eliminates tax deferrals for billionaires and high-net-worth individuals, forcing them to recognize gains and pay taxes on assets sooner.
- Scored +7
Is this likely to lift people out of poverty?
The establishment of a monthly affordability tax credit directly benefits working individuals and helps alleviate financial pressure on low- and middle-income households.
- Scored +6
Does this reduce what the federal government owes?
The legislation raises revenue by eliminating tax deferrals and loopholes for high-net-worth individuals and billionaires.
The opposite· 3 of 5
- Scored -10
Would the very wealthiest people be better off under this?
Ultra-high-net-worth individuals and billionaires face strict mark-to-market taxation and the elimination of major tax loopholes.
- Scored -10
Would billionaires be better off under this?
The legislation is specifically designed to eliminate tax loopholes and deferrals utilized by billionaires.
- Scored -9
Would people with substantial wealth be better off under this?
The bill explicitly targets high-net-worth individuals by eliminating tax deferrals and increasing taxes on deferred compensation and trusts.
Who it would affect, and how
Potential Positive Impacts for People
- Affordability Tax Credit for Workers: Section 101 establishes a tax credit of $4,200 for eligible individuals, or $8,400 for joint returns. This is designed to benefit working citizens and nationals, though it phases out based on modified adjusted gross income.
Potential Negative Impacts for People
-
Elimination of Tax Deferrals for High-Net-Worth Individuals: Section 201 eliminates tax deferrals for applicable taxpayers who meet certain high income or asset thresholds. This forces them to recognize gains and pay taxes on tradable and nontradable assets sooner.
-
Stricter Rules on Trusts and Estates: Section 313 removes certain tax flexibilities for applicable trusts and estates. This includes changes to how in-kind distributions and loans are taxed under Section 643.
-
Changes to Deferred Compensation Taxes: Section 321 increases tax liabilities for applicable taxpayers who receive applicable deferred compensation or severance pay, adding interest charges for deferred periods.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Economy And Finance
- Does this raise taxes on the highest earners? — The bill eliminates tax deferrals for billionaires and high-net-worth individuals, forcing them to recognize gains and pay taxes on assets sooner. Does this reduce what the federal government owes? — The legislation raises revenue by eliminating tax deferrals and loopholes for high-net-worth individuals and billionaires. Is this likely to grow the economy? — Putting money into the hands of working Americans via a monthly tax credit can stimulate demand and support growth. Is this likely to create jobs? — The bill provides a monthly affordability tax credit to working Americans, which may boost consumer spending and economic activity. Does this cut taxes for small businesses? — The bill provides targeted tax credits to working Americans while tightening rules primarily on high-net-worth individuals and large applicable entities. Does this make it easier to run a small business? — The bill's tax relief is directed toward working Americans, indirectly supporting consumer-facing small businesses.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — Low- and middle-income working households receive a monthly tax credit under the bill. Would middle-income households be better off under this? — Middle-class working households qualify for the affordability tax credit. Would people in middle age be better off under this? — Middle-aged working Americans benefit from the affordability tax credit. Would people in their twenties and thirties be better off under this? — Working young adults benefit directly from the newly established monthly affordability tax credit. Would immigrants be better off under this? — Citizens and nationals who work and meet the eligibility requirements can receive the tax credit. Would people over 65 be better off under this? — Working individuals over 65 who qualify may benefit from the tax credit, though high-net-worth seniors face increased taxes. Would students be better off under this? — Working students who are not dependents can qualify for the affordability tax credit. Would veterans be better off under this, taking everything together? — Veterans who are working Americans can benefit from the affordability tax credit. Would billionaires be better off under this? — The legislation is specifically designed to eliminate tax loopholes and deferrals utilized by billionaires. Would the very wealthiest people be better off under this? — Ultra-high-net-worth individuals and billionaires face strict mark-to-market taxation and the elimination of major tax loopholes. Would people with substantial wealth be better off under this? — The bill explicitly targets high-net-worth individuals by eliminating tax deferrals and increasing taxes on deferred compensation and trusts. Would high-income households be better off under this? — High-income households subject to the new mark-to-market rules and elimination of tax deferrals face significantly higher tax burdens. Would business owners be better off under this? — Business owners who meet the high-net-worth criteria face stricter tax rules on pass-through entities, deferred compensation, and asset transfers.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The legislation introduces extensive reporting requirements regarding deferred compensation, trusts, and high-value assets. Does this give the federal government more power? — The bill expands federal tax reporting requirements and imposes complex mark-to-market taxation rules overseen by the Treasury.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — The establishment of a monthly affordability tax credit directly benefits working individuals and helps alleviate financial pressure on low- and middle-income households.
- 9/14/2026
- Referred to the House Committee on Ways and Means.
- Introduced in House
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.