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Temporary Tax Deduction Boost for Working Families in 2024 and 2025

The bill renames the "standard deduction" to the "guaranteed deduction" and adds a bonus amount to this deduction for taxable years 2024 and 2025. This bonus deduction is reduced for taxpayers whose modified adjusted gross income exceeds certain thresholds.
Key points
For 2024 and 2025, the guaranteed deduction is increased by a bonus of $2,000 (in most cases), $3,000 for heads of households, and $4,000 for joint returns.
The existing "standard deduction" is renamed the "guaranteed deduction," applicable to taxable years beginning after December 31, 2023.
The bonus deduction is reduced by 5 percent of the excess income for taxpayers whose modified adjusted gross income exceeds $200,000 (other cases), $300,000 (head of household), or $400,000 (joint return).
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Additional Information
Print number: 118_HR_3936
Sponsor: Rep. Smith, Jason [R-MO-8]
Process start date: 2023-06-09
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Tax Cuts for Working Families Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3936.

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 2023-06-09.

What are the main provisions?

Key points include:

  • For 2024 and 2025, the guaranteed deduction is increased by a bonus of $2,000 (in most cases), $3,000 for heads of households, and $4,000 for joint returns.
  • The existing "standard deduction" is renamed the "guaranteed deduction," applicable to taxable years beginning after December 31, 2023.
  • The bonus deduction is reduced by 5 percent of the excess income for taxpayers whose modified adjusted gross income exceeds $200,000 (other cases), $300,000 (head of household), or $400,000 (joint return).
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. Smith, Jason [R-MO-8].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 101.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Taxes