A bill to amend the Internal Revenue Code of 1986 to make certain modifications in relation to the taxation of income required to fund basic living expenses, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4083 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4083 To amend the Internal Revenue Code of 1986 to make certain modifications in relation to the taxation of income required to fund basic living expenses, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 12, 2026 Mr. Van Hollen (for himself, Mr. Kelly, Mrs. Gillibrand, Mr. Booker, Mr. Kim, Mr. Durbin, Mr. Sanders, Mr. Merkley, Mr. Coons, Mr. Blumenthal, Mr. Schatz, Ms. Baldwin, Ms. Hirono, Mr. Heinrich, Mr. King, Mr. Markey, Mr. Welch, Mr. Schiff, and Ms. Blunt Rochester) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to make certain modifications in relation to the taxation of income required to fund basic living expenses, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Working Americans' Tax Cut Act''. SEC. 2. ALTERNATIVE MAXIMUM TAX FOR LOW-INCOME INDIVIDUALS. (a) In General.--Part I of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 1 the following new section: ``SEC. 1A. ALTERNATIVE MAXIMUM TAX FOR LOW- AND MIDDLE-INCOME INDIVIDUALS. ``(a) In General.--In the case of a qualified individual, the tax imposed under section 1 for any taxable year shall not exceed 25.5 percent of the excess of-- ``(1) the taxpayer's modified adjusted gross income for such taxable year, over ``(2) the cost-of-living exemption for such taxable year. ``(b) Qualified Individual.-- ``(1) In general.--For purposes of this section, the term `qualified individual' means, with respect to any taxab