In 1960 only 15% of federal income tax returns had a zero tax liability, due mostly to low taxable income, a standard deduction, the personal exemption, the dependent exemption, and the EarnedIncome Tax Credit (a direct subsidy to people for being poor).
Take dependency exemptions, personal exemption, the earnedincome credit, the child credit and a few other things and roll them, on a revenue neutral basis, into one single freely transferable credit for each person.
This bill was intended to clarify that families of kidnapped children (but only those abducted by strangers) could continue to claim the dependency exemption, child tax credit and the earnedincome tax credit (EITC).