118th Congress · HOUSE BILLBILL

H.R. 3864 — Working Families Tax Cut Act

“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.”

Taxation

Introduced Jun 6, 2023

Last action Jun 6, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jun 6, 2023

Step 2

Referred

Jun 6, 2023

Ways & Means

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

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).

Provisions · 3 sectionsIntroduced in House

Timeline · 2 actions

Jun 6, 2023

Introduced in House

Jun 6, 2023

Referred to the House Committee on Ways and Means.