To amend the Internal Revenue Code of 1986 to rename the standard deduction the guaranteed deduction, and to add a bonus amount to the guaranteed deduction for taxable years 2024 and 2025.
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).
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