Rep. Barry Moore introduces inflation-fighting HITS Act to cut taxes for working Americans

Statement

Rep. Barry Moore (AL-02) has introduced legislation to provide the equivalent of a 6-month Federal income tax holiday for millions of Americans who support the American economy. The HITS Act(Household Income Tax Suspension) would stimulate economic recovery by allowing working Americans to keep more of their money, a more economically sound stimulus policy than fueling inflation through more government spending.

"Instead of driving record inflation by printing money that we don't have in the name of COVID-19 relief, we should cut taxes and let our workforce keep more of their hard-earned money," said Rep. Moore. "The answer to providing real relief to millions of Americans is not to weigh down the economy with more spending but to unleash those who power sustainable economic prosperity."

For the 2022 tax year, tax filers in the following categories would see their tax liability cut in half.

In the case of a joint return or surviving spouse, a gross income of $83,550 or less.
In the case of a head of household, a gross income of $55,000 or less.
In any other case, a gross income of $41,775 or less.

If gross income exceeds these amounts, the tax cut would then be phased out up to the additional amounts below.

In the case of a joint return or surviving spouse, $20,000.
In the case of a head of household, $13,380.
In any other case, $10,000.

Source