CONGRESS FOR VOTERS

DemocratBill · H.R. 2802· House(119-HR-2802)

Tax Relief from Tariffs and High Costs Act

Rep. Vasquez
Age: 42 years
New Mexico
Introduced
4/9/2025
Last activity
4/9/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Gabe Vasquez
Cosponsors
None
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "Tax Relief from Tariffs and High Costs Act," proposes an amendment to the Internal Revenue Code of 1986. It aims to provide individuals with a refundable credit for the 2025 tax year. The credit is set at 10 percent of a taxpayer's Federal income tax liability. This credit applies to taxable years beginning after December 31, 2024, and before January 1, 2026. There are specific income limitations that determine eligibility for this credit.

Yes· 3 of 5

  • Does this cut taxes for middle-income families?+5

    The credit provides a 10 percent reduction in federal income tax liability for those under the income cap.

  • Would households on low incomes be better off under this?+4

    The refundable credit provides direct financial relief to those with lower incomes.

  • Would middle-income households be better off under this?+4

    The credit offers a 10 percent tax relief benefit for middle-income earners below the cap.

The opposite· 3 of 6

  • Would high-income households be better off under this?-5

    The credit is explicitly unavailable to those earning above specified income thresholds.

  • Would people with substantial wealth be better off under this?-5

    The credit exclusion applies to those with higher modified adjusted gross incomes.

  • Would the very wealthiest people be better off under this?-5

    The credit exclusion applies to those with higher modified adjusted gross incomes.