summary
Introduced
05/11/2023
05/11/2023
In Committee
05/11/2023
05/11/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to permanently increase the standard deduction.
AI Summary
This bill, the Permanent Tax Cuts for American Families Act of 2023, aims to permanently increase the standard deduction in the Internal Revenue Code of 1986. Specifically, it raises the standard deduction for individual taxpayers from $4,400 to $18,000 and for married couples filing jointly from $3,000 to $12,000. The bill also includes an inflation adjustment provision to automatically increase these deduction amounts annually based on the cost of living. These changes would apply to all taxable years starting after the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (22)
Michelle Steel (R)*,
Ken Calvert (R),
John Curtis (R),
Neal Dunn (R),
Ron Estes (R),
Randy Feenstra (R),
Drew Ferguson (R),
Brad Finstad (R),
Michelle Fischbach (R),
Scott Fitzgerald (R),
Ashley Hinson (R),
Mike Kelly (R),
David Kustoff (R),
Darin LaHood (R),
Dan Meuser (R),
Carol Miller (R),
Nathaniel Moran (R),
Adrian Smith (R),
Greg Steube (R),
Claudia Tenney (R),
Beth Van Duyne (R),
Brad Wenstrup (R),
Last Action
Referred to the House Committee on Ways and Means. (on 05/11/2023)
Bill Topics
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/3270/all-info | 05/12/2023 |
| BillText | https://www.congress.gov/118/bills/hr3270/BILLS-118hr3270ih.pdf | 05/25/2023 |
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