Project 2029

This is where rough drafts of Bills will be posted. Rough drafts are rough drafts. They are not perfect and not written in stone. And may evolve overtime.

No Federal Income Tax for Households Earning $61,000 or less

120th CONGRESS

1st Session

H.R. XXXX

To amend the Internal Revenue Code of 1986 to eliminate federal income tax liability and filing requirements for individual taxpayers with annual earned income of $61,000 or less, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

Mr. Kincaid introduced the following bill; which was referred to the Committee on Ways and Means.

A BILL

To eliminate federal income tax liability and filing requirements for individual taxpayers with annual earned income of $61,000 or less, and for other purposes.

SECTION 1. SHORT TITLE

This Act may be cited as the “Working Families Tax Simplification Act.”

SEC. 2. INCOME TAX EXEMPTION FOR INDIVIDUALS EARNING $61,000 OR LESS

(a) In General.—Section 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

“(j) Exemption for Low-Income Earners.—

(1) Notwithstanding any other provision of this section, in the case of an individual whose adjusted gross income from wage or salary income does not exceed $61,000 during the taxable year—

(A) no tax shall be imposed under this section, and

(B) such individual shall not be required to file a return under section 6012 unless otherwise required to claim a refundable credit.

(2) This subsection shall apply regardless of filing status or number of dependents.”

SEC. 3. AUTOMATIC FILING EXEMPTION MECHANISM

(a) Automatic Exemption via Reporting Entities.—

The Secretary of the Treasury shall establish regulations requiring that all W-2 and 1099 income reporting entities submit income data in a manner that enables the IRS to automatically identify and exclude qualifying individuals from filing requirements under section 6012 of the Internal Revenue Code of 1986.

(b) Voluntary Return Filing.—

Nothing in this Act shall prevent an eligible taxpayer from voluntarily filing a tax return for the purposes of claiming a refund or any refundable tax credit.

SEC. 4. SELF-EMPLOYMENT TAX TREATMENT

(a) Individuals with income reported solely via Form 1099 who earn less than or equal to $61,000 in a taxable year shall remain subject to the self-employment tax under section 1401 of the Internal Revenue Code of 1986.

(b) Such individuals shall not be required to file a federal income tax return unless electing to deduct eligible business expenses or claim refundable credits.

SEC. 5. FISCAL OFFSET

To offset any reduction in federal revenue resulting from the provisions of this Act, the following changes shall be enacted:

(1) The top marginal individual income tax rate shall revert to the rate in effect prior to the Tax Cuts and Jobs Act of 2017.

(2) The preferential tax rate for capital gains income on earnings over $1,000,000 shall be eliminated.

SEC. 6. EFFECTIVE DATE

This Act shall apply to taxable years beginning after December 31, 2027.

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