Budget & Taxes (Income Tax)

in committee · United States · Senate Apr 16, 2026

S 4330: Ending the Carried Interest Loophole Act

The Ending the Carried Interest Loophole Act changes how the IRS treats partnership interests given to employees for their work, specifically targeting financial managers and investment professionals. Under the new rules, these individuals must pay ordinary income tax on the value of their partnership shares at the time they receive them, rather than waiting until they sell the shares to pay lower capital gains taxes. The law also establishes a 10-year window during which any future profits earned from these shares are taxed as ordinary income instead of capital gains. Additionally, the bill repeals an existing tax provision that previously allowed certain carried interest payments to be classified as capital gains.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill closes a tax loophole for wealthy financial managers, promoting fiscal responsibility and ensuring fair taxation.95% confidence

Sub-Topics Income Tax

Track

in committee · United States · House May 12, 2026

HR 8755: Enhanced Small Business Growth Act of 2026

The Enhanced Small Business Growth Act of 2026 increases tax benefits for domestic manufacturers by raising the qualified business income deduction rate from 20 percent to 30 percent. To qualify, a business must derive at least 85 percent of its income from manufacturing tangible property, with at least 20 percent of production costs incurred within the United States. These changes apply to taxable years beginning after December 31, 2025, and modify how the deduction is calculated to ensure it is applied correctly.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill increases tax benefits for domestic manufacturers, providing tax relief and promoting economic growth.90% confidence

Sub-Topics Business Taxes Income Tax Tags Small Business

Track

in committee · United States · House May 7, 2026

HR 8714: Skill Savings Account Act of 2026

The Skill Savings Account Act of 2026 creates a new type of tax-advantaged account designed to help eligible U.S. employees save money specifically for qualified education expenses. Under this bill, both employers and employees can contribute cash to these accounts without immediately paying income tax, provided the total contributions do not exceed $5,250 for employer contributions and $10,000 for employee contributions in a single year. Funds withdrawn from the account must be used exclusively for education costs to remain tax-free; otherwise, the distribution is taxed as income and subject to an additional 20% penalty for beneficiaries under age 65. The legislation also establishes specific rules for trust management and requires the Treasury Department to issue regulations within one year of enactment.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates tax-advantaged accounts, providing tax relief and promoting fiscal responsibility through savings incentives.90% confidence ✓ EducationSupports EducationBill creates tax-advantaged accounts to help employees save for qualified education expenses, expanding access to funding.90% confidence

Sub-Topics Income Tax Student Financial Aid

Track

in committee · United States · Senate Apr 29, 2026

S 4440: Clinical Trial Modernization Act

Clinical Trial Modernization Act This bill authorizes a grant program and provides certain exemptions to support the participation of individuals in clinical trials. Specifically, the bill authorizes a grant program to support outreach, education, and recruitment efforts for clinical trials that may benefit certain underrepresented populations or communities in need, such as rural or tribal areas. The bill also exempts from anti-kickback laws for federal health care programs (1) remuneration that is offered to cover participants' expenses to participate in clinical trials, (2) the provision of free digital health technologies to support participation of underrepresented populations in clinical trials, and (3) payment for participants' cost-sharing obligations in relation to clinical trials. Finally, the bill exempts up to $2,000 in remuneration that is received for participating in a clinical trial from income tax.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill authorizes a grant program to fund clinical trial outreach and education, directly increasing government spending for public health initiatives.85% confidence

Sub-Topics Income Tax

Track

in committee · United States · House Apr 15, 2026

HR 8294: Millionaires Surtax Act

This bill, titled the "Millionaires Surtax Act," establishes a new 10% surcharge on high-income individuals. This additional tax applies to the portion of a taxpayer's "modified adjusted gross income" that exceeds $2,000,000 for married couples filing jointly, or $1,000,000 for single filers. The bill defines "modified adjusted gross income" with specific deductions and includes special rules for certain taxpayers, such as non-resident aliens and charitable trusts. If enacted, these changes would take effect for taxable years beginning after December 31, 2026.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill increases taxation on high-income individuals, generating revenue for government budgets and fiscal management.95% confidence

Sub-Topics Fees & Licensing Income Tax

Track

in committee · United States · House Apr 16, 2026

HR 8342: Poll Worker Tax Cut Act

The Poll Worker Tax Cut Act (H.R. 8342) proposes to reduce the federal income tax burden for individuals who serve as temporary poll workers during elections. It amends the Internal Revenue Code to exclude compensation received by poll workers from their gross income for federal income tax purposes. However, this exclusion would not apply to employment taxes, meaning poll worker compensation would still be subject to taxes like Social Security and Medicare. These changes would take effect for compensation received after December 31, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief by excluding poll worker compensation from gross income, reducing federal tax burden for election workers.90% confidence

Sub-Topics Income Tax

Track

in committee · United States · House Apr 15, 2026

HR 8305: Working Parents Tax Relief Act of 2026

The Working Parents Tax Relief Act of 2026 proposes to increase the Earned Income Tax Credit (EITC) for eligible parents of young children. It raises the EITC credit percentage for families with one child under age four and provides similar increases for families with two or more children under age four, specifically for the youngest three children. The bill also increases the rate at which the credit phases out for these families, applying to the youngest three children under age four. Additionally, it creates a mechanism for taxpayers to elect to receive their EITC refunds in equal monthly payments. These provisions would take effect for taxable years beginning after December 31, 2025.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill increases Earned Income Tax Credit for working parents, providing tax relief and financial support to lower-income families with young children.95% confidence ✓ Labor & EmploymentSupports Labor & EmploymentBill increases tax credits for working parents, effectively supporting workers' financial well-being and employment stability for families with young children.75% confidence

Sub-Topics Income Tax Tax Credits Paid Leave Tags Families

Track

in committee · United States · House Apr 16, 2026

HR 8350: No Taxes on Utility Bills Act

HR 8350, the "No Taxes on Utility Bills Act," amends the Internal Revenue Code to create a new federal income tax deduction. This bill allows taxpayers to deduct from their taxable income all taxes and state-mandated surcharges that appear on their gas or electric utility bills. This change directly affects individuals and businesses who pay these utility bills, potentially lowering their federal tax liability. The new deduction would apply to taxable years beginning after the bill becomes law.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief by allowing deductions for utility taxes, reducing federal tax liability for individuals and businesses.85% confidence ✓ EnergySupports EnergyBill provides tax deductions for utility bills, protecting consumers and potentially encouraging energy usage without increasing costs.75% confidence

Sub-Topics Income Tax Utility Regulation

Track

in committee · United States · House Apr 14, 2026

HR 8280: SEPTIC Act

The SEPTIC Act proposes to make financial assistance received by homeowners from state or local governments for certain wastewater management improvements tax-free. It would amend current tax law to exclude from taxable income any direct or indirect subsidy provided to a resident for the purchase or installation of wastewater management measures on their primary residence. These measures are defined as installations or modifications primarily designed to manage wastewater, such as septic tanks and cesspools. This change means homeowners would not have to pay federal income tax on such financial aid.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief by making wastewater management subsidies tax-free, reducing tax burden on homeowners and promoting fiscal responsibility through targeted tax exclusion.90% confidence

Sub-Topics Income Tax

Track

in committee · United States · House Mar 12, 2026

HR 7897: No Tax on Drill Pay Act

This bill, known as the No Tax on Drill Pay Act, would exclude certain military compensation from federal income tax. It directly affects members of the U.S. military who receive pay for inactive-duty training, which includes weekend drills and other training activities outside of regular duty. The legislation amends the Internal Revenue Code to add inactive-duty training compensation to the list of qualified military benefits that are not subject to taxation. This change applies to any compensation received after the bill becomes law, meaning it would affect future training pay rather than past earnings.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief to military personnel by excluding inactive-duty training compensation from federal income tax, reducing tax burden on service members.85% confidence ✓ VeteransSupports VeteransBill excludes military drill pay from federal income tax, directly benefiting active-duty service members and veterans by increasing their net compensation.95% confidence

Sub-Topics Income Tax National Guard & Reserve

Track