H.R. 3936 · 118th Congress
Tax Cuts for Working Families Act
- Stage
- Reported from committee
- Sponsor
- Jason Smith
- Introduced
- 2023-06-09
- Latest action
- 2023-06-30 · Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-129.
Summary
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).