arrow_back Back to App

Permanent Tax Changes: Relief, Deductions, and Tax Brackets

This bill aims to make permanent several temporary changes to U.S. tax law. This means citizens can expect stable tax brackets, increased standard deductions, and changes to child tax credits, impacting their annual tax filings and personal finances. These changes are intended to simplify the tax system and provide greater predictability for taxpayers.
Key points
Permanent Tax Brackets: Individual tax rates and income thresholds will be made permanent, providing greater stability for personal financial planning.
Increased Standard Deduction: Standard deduction amounts will be permanently increased, potentially reducing taxes for many who do not itemize deductions.
Child Tax Credit Changes: The child tax credit amount will be doubled to $2,000, and a partial credit for other dependents will be introduced, potentially offering greater savings for families.
Repeal of Personal Exemptions: Personal exemptions will be permanently eliminated, which may affect taxable income.
Deduction Limitations Made Permanent: Limitations on state and local tax (SALT) deductions and mortgage interest deductions will be made permanent, potentially impacting homeowners and high-income earners.
Estate and Gift Tax Exemption Increase: The increased estate and gift tax exemption amount will be made permanent, potentially benefiting heirs and those planning wealth transfers.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_126
Sponsor: Sen. Cruz, Ted [R-TX]
Process start date: 2021-01-28
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

A bill to amend the Internal Revenue Code of 1986 to make permanent the individual tax provisions of the tax reform law, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_126.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-01-28.

What are the main provisions?

Key points include:

  • Permanent Tax Brackets: Individual tax rates and income thresholds will be made permanent, providing greater stability for personal financial planning.
  • Increased Standard Deduction: Standard deduction amounts will be permanently increased, potentially reducing taxes for many who do not itemize deductions.
  • Child Tax Credit Changes: The child tax credit amount will be doubled to $2,000, and a partial credit for other dependents will be introduced, potentially offering greater savings for families.
  • Repeal of Personal Exemptions: Personal exemptions will be permanently eliminated, which may affect taxable income.
  • Deduction Limitations Made Permanent: Limitations on state and local tax (SALT) deductions and mortgage interest deductions will be made permanent, potentially impacting homeowners and high-income earners.
  • Estate and Gift Tax Exemption Increase: The increased estate and gift tax exemption amount will be made permanent, potentially benefiting heirs and those planning wealth transfers.
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 Sen. Cruz, Ted [R-TX].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Family Real Estate