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Working Families Tax Cut: Increased Deductions for 2024-2025

This bill renames the standard tax deduction to "guaranteed deduction" and adds a bonus amount to it for 2024 and 2025. This means many families and individuals could pay less in taxes, increasing their disposable income. The changes aim to provide financial support for working families.
Key points
Renames the "standard deduction" to "guaranteed deduction" in tax laws, effective from 2024.
Introduces a bonus deduction amount for 2024 and 2025: $4,000 for joint filers, $3,000 for heads of household, and $2,000 for others.
Bonus deduction amounts may be adjusted for inflation starting in 2025.
The bonus deduction will be reduced by 5% for higher earners, exceeding $400,000 for joint filers, $300,000 for heads of household, and $200,000 for others.
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Expired
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Additional Information
Print number: 118_HR_3864
Sponsor: Rep. Malliotakis, Nicole [R-NY-11]
Process start date: 2023-06-06
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Working Families Tax Cut Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3864.

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 2023-06-06.

What are the main provisions?

Key points include:

  • Renames the "standard deduction" to "guaranteed deduction" in tax laws, effective from 2024.
  • Introduces a bonus deduction amount for 2024 and 2025: $4,000 for joint filers, $3,000 for heads of household, and $2,000 for others.
  • Bonus deduction amounts may be adjusted for inflation starting in 2025.
  • The bonus deduction will be reduced by 5% for higher earners, exceeding $400,000 for joint filers, $300,000 for heads of household, and $200,000 for others.
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. Malliotakis, Nicole [R-NY-11].

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 2025-12-25.

CATEGORIES

Taxes Family