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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

LIFT (Livable Incomes for Families Today) the Middle Class Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to establish a refundable tax credit to increase the take-home pay of American workers and enhance their financial stability, and for other purposes.


Actions Overview (1)

Date
12/05/2018Introduced in Senate

All Actions (1)

Date
12/05/2018Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (0)

No cosponsors.


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance12/05/2018 Referred to

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Latest Summary (1)

There is one summary for S.3712. View summaries

Shown Here:
Introduced in Senate (12/05/2018)

LIFT (Livable Incomes for Families Today) the Middle Class Act

This bill establishes a refundable middle class tax credit of up to $3,000 for individuals and up to $6,000 for married individuals filing joint returns. Taxpayers must be at least 18 years of age to receive the credit and may elect to receive payments of the credit in advance on a monthly basis.

The bill limits the amount of the credit and eligibility for the credit based on annual income and filing status. Both the income limitations and the amount of the credit must be adjusted for inflation after 2019.

The bill also requires the Internal Revenue Service to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of underserved populations. The program must be substantially similar to the Community Volunteer Income Tax Assistance matching grants demonstration program established under the Consolidated Appropriations Act, 2008.

The bill expresses the sense of the Senate that the costs of the bill should be offset through (1) repealing P.L. 115-97 (commonly known as the Tax Cuts and Jobs Act), with the exception of provisions that provide relief to taxpayers with under $100,000 in annual income; and (2) assessing a fee on financial institutions with total consolidated assets of more than $50 billion.