Senate Budget Committee Chairman Patty Murray, D-Wash., and two other prominent Senate Democrats introduced legislation Wednesday to update the Tax Code to help workers and families keep more of what they earn, but also double the penalty on tax preparers who do not follow the Internal Revenue Service’s due diligence requirements for claiming the Earned Income Tax Credit.
Murray’s bill, the 21st Century Worker Tax Cut Act, co-sponsored by Senators Jack Reed, D-R.I., and Sherrod Brown, D-Ohio, includes a new tax cut for two-earner families. It would allow a 20 percent deduction on a secondary earner’s income. In order to qualify, both spouses would have to earn income during the year and have at least one child under the age of 12.
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