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Permanent Tax Rate Cuts and Simplification for Individuals

This bill aims to make permanent lower tax rates and increase standard deductions, potentially leading to lower taxes for many citizens. These changes also simplify the tax system and raise alternative minimum tax exemptions, which could provide financial relief and ease tax filing. Citizens may see more money in their pockets due to permanent cuts and higher deductions.
Key points
Permanent reduction of individual income tax rates, leading to lower tax bills.
Significant increase in the standard deduction, potentially reducing taxable income for many.
Repeal of the overall limitation on itemized deductions, allowing more expenses to be deducted.
Increased and permanent exemption for the Alternative Minimum Tax (AMT), protecting more individuals from this tax.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_8214
Sponsor: Rep. Schweikert, David [R-AZ-6]
Process start date: 2022-06-23
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

PERCENTS Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8214.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-06-23.

What are the main provisions?

Key points include:

  • Permanent reduction of individual income tax rates, leading to lower tax bills.
  • Significant increase in the standard deduction, potentially reducing taxable income for many.
  • Repeal of the overall limitation on itemized deductions, allowing more expenses to be deducted.
  • Increased and permanent exemption for the Alternative Minimum Tax (AMT), protecting more individuals from this tax.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Schweikert, David [R-AZ-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes