Congresswoman Cherfilus-McCormick Introduces Landmark Tax Bill to Provide Economic Opportunity to Working Families

Washington D.C. ─ Today, Congresswoman Cherfilus-McCormick introduced the All-Americans Tax Relief Act, comprehensive tax relief legislation that boosts economic mobility, lowers costs, and improves the financial security and well-being of hard-working South Florida families and families across the country.

"For far too long, the U.S. tax code has deprived Americans of economic opportunity and remains a barrier to financial advancement," said Congresswoman Sheila Cherfilus-McCormick (D-FL). "My legislation will lay the necessary foundation for working families to achieve the American Dream, accounting for those everyday expenses - from rent to commuting - that stand in the way of economic mobility. Every American, regardless of their income or ZIP code, should have the tools to create wealth."

"The Financial Services Innovation Coalition (FSIC) fully supports the All-Americans Tax Relief Act of 2025because it's a real win for middle-class families," said Kevin B. Kimble, Founder and CEO of FSIC. "This bill helps regular people by letting them deduct everyday costs like childcare, medical bills, commuting, and even tutoring. At a time when folks are struggling with high prices and flat wages, this is the kind of tax relief that can make a real difference. It's about making the system work for the people who keep this country running, not just the wealthy."

The All-Americans Tax Relief Actputs the needs of working families first by:

• Creating above-the-line deductions for medical expenses, rent expenses, daycare expenses, commuting costs, tutoring costs, and credit card debt interest payments for working- and middle-class families
• Expanding the Earned Income Tax Credit by an average amount of $1,418.75 for single taxpayers and $1,656.25 for married couples filing jointly
• Increasing the Child Tax Credit to $2,000 for up to three qualifying children and $500 for each additional qualifying child
• Converting the Child Tax Credit to a fully refundable credit
• Making the wealthy pay their fair share by increasing the top capital gains rate from 20% to 25%

The Financial Services Innovation Coalition, HBCU Wall Street, Southern Christian Leadership Conference, Homeless Coalition of Dallas, Government Executives International, Texas Justice and Education Fund, Partnership for Innovation and Empowerment Advocacy, FederalReserve.Black, Tuskeegee Macon County Community Foundation, and the Hispanic Institute have all endorsed this legislation.

The full text of the bill can be found here.