Taxpayers to Get Hundreds of Dollars Back Under New Bill – By Suzanne Blake (Newsweek) / Feb 16, 2024
A new bill introduced in the House this week would see Americans get hundreds back in a tax credit.
Representative Gabe Vasquez, a Democrat from New Mexico, has proposed H.R.7400, which calls for a one-time refundable tax credit equal to 10 percent of each taxpayer’s federal taxes. Under the proposed credit, only single filers making $150,000 or less would qualify. Couples could score the tax credit if making $250,000 or under.
That means someone making $70,000 yearly would see around $900 back from the bill to help ease the burden of inflation.
“I am looking forward to unveiling my Lower Costs Plan next week in New Mexico,” Vasquez told Newsweek. “We need to support working families by fighting inflation and creating good-paying jobs. It’s time to put partisan politics aside and get back to delivering for the American people. That’s exactly what my plan does.”
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