Rep. Barry Moore introduces ‘HITS Act’ that would cut federal income taxes in half for many Americans

Monday, Rep. Barry Moore (R-Enterprise) introduced The HITS Act (Household Income Tax Suspension).

According to a press release, it would “provide the equivalent of a 6-month Federal income tax holiday for millions of Americans who support the American economy.”

“Instead of driving record inflation by printing money that we don’t have in the name of COVID-19 relief, we should cut taxes and let our workforce keep more of their hard-earned money,” said Moore in a release. “The answer to providing real relief to millions of Americans is not to weigh down the economy with more spending but to unleash those who power sustainable economic prosperity.”

The bill can be read here. 

Moore first mentioned the idea Friday on Alabama Public Television’s “Capitol Journal,” saying it would fight inflation while also helping average Americans.

“We’ve got to give the American people some relief,” he said. “We saw this coming, we created this problem, we’ve got to put people back to work and not create a labor market vacuum where those goods are out there. There’s not enough goods, we know we got transportation issues and supply chain issues, but we want to make sure people go back to work and produce products so therefore we’ll hopefully see the increase in products, the decrease of inflation and us printing money.”

Under the plan, for the 2022 tax year, tax filers in the following categories would see their tax liability cut in half:

• • In the case of a joint return or surviving spouse, a gross income of $83,550 or less.
  • In the case of a head of household, a gross income of $55,000 or less.
  • In any other case, a gross income of $41,775 or less.

If gross income exceeds these amounts, the tax cut would then be phased out up to the additional amounts below:

• • In the case of a joint return or surviving spouse, $20,000.

• • In the case of a head of household, $13,380.
  • In any other case, $10,000.

Yaffee is a contributing writer to Yellowhammer News and hosts “The Yaffee Program” Weekdays 9-11am on WVNN. You can follow him on Twitter @Yaffee