Bill > HR9800

This bill, the Working Class Bonus Tax Relief Act of 2024, amends the Internal Revenue Code to establish a deduction for certain bonus amounts received by individuals. The key provisions of the bill are: 1. It allows individuals to deduct up to 15% of their non-bonus wages from their employer as a "bonus" deduction, subject to income limitations (up to $200,000 for married couples filing jointly, $150,000 for heads of households, and $100,000 for other individuals). 2. The deduction is available to both itemizers and non-itemizers, and it is not subject to certain limitations that apply to other itemized deductions. 3. The bill requires the Treasury Secretary to modify tax withholding tables and procedures to account for this new bonus deduction. 4. The amendments made by the bill apply to bonus amounts received after the date of enactment and are set to expire on December 31, 2029.