Heinrich Announces Legislation to Cut Taxes for New Mexicans

WASHINGTON —U.S. Senator Martin Heinrich co-sponsored the Tax Cut for Workers Act, legislation to give thousands of New Mexicans a much-needed tax break. The bill would make permanent theAmerican Rescue Plan Act’sexpansions of the Earned IncomeTax Credit (EITC), continuing one of the largest-ever tax cuts for the middle class.
The American Rescue Plan Act, which Heinrich helped pass into law, made several critical expansions of the EITC, including nearly tripling the maximum EITC benefit for workers without children from roughly $540 to roughly $1,500 and raising the income limit from about $16,000 to $21,000 for single filers and from about $22,000 to $27,000 for married filers. It also made individuals aged 19 to 24 and 65 and older newly eligible for the credit. While the American Rescue Plan’s EITC provisions expired the end of 2021, they had a significant impact, increasing disposable income among America’s working families.
“With the cost of everything from coffee to electricity out of control thanks to Donald Trump and Elon Musk’s chaos, New Mexico families need relief more than ever. I’m proud to support this legislation to cut taxes for workers so that they can keep more of their hard-earned money. This is what fighting for families – not billionaires – looks like,”said Heinrich.
The Tax Cut for Workers Act will cut taxes for111,000 New Mexicansby expanding the Earned Income Tax Credit to workers without children. The bill also extends eligibility for the tax cut to workers under the age of 25 and over the age of 64.
In addition to Heinrich, the legislation is co-sponsored by U.S. Senators Catherine Cortez Masto (D-Nev.) Michael Bennet (D-Colo.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
The full text of the bill ishere.
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