Representative Sheila Cherfilus McCormick (D-FL) has introduced legislation to provide comprehensive tax relief to American families.
Provisions within Rep. McCormick's All-Americans Tax Relief Act include new above-line deductions for medical, rent, daycare, commuting, and tutoring expenses, along with credit card debt interest for working and middle-class families.
The Earned Income Tax Credit will also expand to an average amount of $1,418.75 for single taxpayers and $1,656.25 for married couples filing jointly. The Child Tax Credit will increase to $2000 for three children and another $500 per additional qualifying child, and become fully refundable.
Finally, the capital gains tax will increase from 20% to 25%.
"For far too long, the U.S. tax code has deprived Americans of economic opportunity and remains a barrier to financial advancement," said Rep. Cherfilus McCormick in her press release, adding, "My legislation will lay the necessary foundation for working families to achieve the American Dream, accounting for those everyday expenses — from rent to commuting — that stand in the way of economic mobility. Every American, regardless of their income or ZIP code, should have the tools to create wealth."
Cherfilus McCormick is the fourth member of Florida's Congressional delegation to introduce tax-cutting bills just this week, with Representative Vern Buchanan (R-FL) introducing two.
Rep. Buchanan's bills expand mortgage tax deductions and exempt high-rise condominium owners from the percentage of completion method of accounting, which currently only applies to houses. After all, many homebuyers rely on mortgage insurance, and condominium owners must still pay income taxes during the construction of the building despite the balance not coming in yet.
Shortly after, Representative Greg Steube (R-FL) introduced the Family Business Legacy Act, which creates additional estate tax deductions for contributions to 501(c)(4) organizations so that small businesses are not harmed by estate taxes, which the IRS has attempted to use after the PATH Act of 2010 halted taxation of charitable donations.
Finally, Representative Aaron Bean (R-FL) filed a bill removing an excise tax on alternative fuels for marine vessels as liquefied natural gas (LNG)- powered vessels become normalized.
