Lower Your Taxes Act

This bill makes several changes to taxes. It increases the earned income tax credit (a tax break for workers with lower incomes), makes more people eligible for it, and requires the IRS to let people know if they qualify. It replaces the current child tax credit with a monthly payment of up to $350 per child, sent out by the IRS each month, and creates a new $500 tax credit for other dependents. The bill also raises the corporate tax rate from 21% to 28%, increases a tax on companies that buy back their own stock, and adds a new minimum tax on very large corporations. For individuals making over $1 million a year, the bill would stop them from using the lower tax rates that currently apply to profits from selling investments like stocks.

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