The "Lower Your Taxes Act" proposes substantial changes to the Internal Revenue Code, primarily focusing on expanding tax credits for families and low-income individuals while increasing taxes on corporations and high-income earners. A core purpose of this legislation is to reduce the national deficit and debt using the net revenue generated. The bill significantly expands the Earned Income Tax Credit (EITC) by increasing credit percentages, raising earned income and phaseout amounts, and adjusting these thresholds for inflation based on GDP. It also lowers the minimum age for the childless EITC from 25 to 18 and mandates the Treasury to notify potentially eligible individuals about their qualification. Furthermore, the bill establishes a federal program to provide payments to individuals in states with non-refundable EITCs, effectively making these state credits refundable through federal action. A major provision is the establishment of a new refundable Child Tax Credit (CTC) with monthly advance payments, replacing the existing credit. This new credit offers $300 per child aged six and older, and $350 per child under six, with these amounts subject to inflation adjustments. The credit includes income-based phaseouts, starting at $150,000 for joint filers and $112,500 for others, with a secondary reduction for higher incomes. The bill defines a "specified child" for the CTC, outlining criteria such as age, residency, and the provision of uncompensated care by the taxpayer. It includes detailed rules for resolving competing claims for the same child, grace periods for eligibility, and provisions for advance payments to be protected from offset or garnishment. The Treasury is directed to create an online portal for taxpayers to manage their advance payments and provide necessary information, and to issue annual notices detailing payments received. To finance these expansions and contribute to deficit reduction, the bill introduces several revenue-generating measures. It eliminates preferential capital gains rates for taxpayers with taxable income exceeding $1,000,000 ($500,000 for married filing separately), with this threshold adjusted for inflation. Additionally, the bill increases the corporate income tax rate from 21% to 28% and raises the tax on corporate stock repurchases from 1% to 4%. The corporate alternative minimum tax is also modified, imposing a 15% rate on adjusted financial statement income up to $5 billion and 25% on income above that threshold. All these tax changes are slated to apply to taxable years beginning after December 31, 2025.