WASHINGTON, D.C. – Congressman Clay Higgins (R-LA) is co-sponsoring H.R. 7538, the Household Income Tax Suspension (HITS) Act, which would provide the equivalent of a six-month federal income tax holiday for millions of working Americans. The bill stimulates economic recovery by allowing Americans to keep more of their tax dollars rather than increasing government spending.
“Inflation is crushing working-class American families. This legislation provides needed relief through a one-time tax cut,” said Congressman Higgins. “Our bill will help stimulate the economy without increasing spending or further worsening inflation. We also intend to offer an amendment expanding the bill to include joint filers with up to $250,000 in gross income. This would allow us to provide tax relief for the majority of Americans who actually work, including many small business owners.”
Inflation has reached its highest rate in 40 years and has increased every month of Joe Biden’s presidency. According to Bloomberg Economics, increased consumer costs equate to a $5,200 tax this year on the average U.S. household.
The bill text is available here.