Tax Cuts for Working Families Act
This bill renames the standard tax deduction as the guaranteed deduction. It allows an additional bonus amount of $2,000 ($4,000 for married couples filing jointly) in taxable years beginning in 2024 and 2025 but reduces the bonus amount for taxpayers whose modified adjusted gross income exceeds $200,000 ($400,000 for joint filers).
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 24 - 16.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-129.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-129.
Placed on the Union Calendar, Calendar No. 101.
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