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More News Out of DC: Tax Cuts Next House Priority

June 13, 2023 2:33 PM | Anonymous

Not even a week after the debt/spending measure was signed into law, House tax committee Chair Jason T. Smith (R-MO) announced a series of three tax-cut bills that are estimated to increase the federal deficit by at least $21 billion or likely much more according to budget experts. The first measure, the Working Families Tax Cut Act (H.R. 3867), would provide a two-year increase in the standard deduction of $4,000 for households that do not itemize ($2,000 standard deduction for individual taxpayers). As drafted, the legislation would limit the full benefit to families earning less than $400,000/year and would provide an extra tax break to the 90% of taxpayers who claim the standard deduction. Two additional bills, the Small Business Jobs Act (H.R. 3937) and the Build It in America Act (H.R. 3938), would repeal the reporting requirement for transactions above $600 and restore a series of tax breaks for businesses, respectively. The latter measure would also reduce or eliminate some tax provisions in last year’s Inflation Reduction Act designed to fight climate change. The package is not likely to advance in the Senate but components could be included in a potential year-end tax bill.

Links to more info on the proposed bills: 

Source: National Council of Nonprofits

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