The Building Our Opportunities to Survive and Thrive (BOOST) Act will address poverty and provide relief for low- and moderate-income households by introducing a new tax credit for working class individuals and families. The bill provides additional income to and serves as a buffer for people and families who have seen their cost of living rise without their wages increasing at the same pace. Unlike the GOP Tax Scam, which was purported to benefit these families but only slashed their refunds, the BOOST Act will put real money in their pockets.
According to a survey conducted by the Federal Reserve, nearly half of Americans don’t have enough cash to cover a $400 emergency expense. That means a rent increase, medical bill, childcare payment, tuition check, or even a blown tire can upset a family’s financial stability. The BOOST Act is designed to help cushion these blows, and chip away at economic inequality in our society.
The BOOST Act would provide a Middle-Class Tax Credit of up to $6,000 per family per year. A single taxpayer is eligible for up to $3,000 annually, while married couples/families/joint filers are eligible for a maximum of $6,000 annually. More importantly, the beneficiary can choose to receive the credit in advance to help families meet their basic financial needs. Below are additional specifics of this bill:
- Individuals can receive up to $250 per month
- Families can receive up to $500 per month.
- The credit is refundable, meaning that taxpayers who qualify for it can get it even if they owe no taxes. Filers with no income are still eligible for the credit.
- Can be claimed by single filers making wages up to $49,999.
- Families making wages up to $99,999 are eligible.
- BOOST would lift about 3 million children and 9 million families out of poverty.
- About 123 million workers and their families would receive additional money in their pockets under the plan.