Bill > HR2927

This bill proposes several significant tax changes that aim to provide financial relief to American taxpayers. The bill would expand the Earned Income Tax Credit (EITC) by decreasing the phaseout percentage and increasing the maximum credit amount for individuals with and without qualifying children. It would also make the Child Tax Credit fully refundable, allowing taxpayers to receive the full credit amount regardless of their tax liability, with a maximum of $2,000 per child and additional provisions for income limitations and eligibility. The bill introduces several new tax deductions for non-itemizers, including deductions for medical expenses, daycare expenses, commuting expenses, tutoring expenses, credit card interest payments, and rent for primary residences. Additionally, the bill would expand the exclusion of discharge of indebtedness for individual taxpayers and increase the capital gains tax rate from 20% to 25%. Most of these changes would take effect for taxable years beginning after December 31, 2026, giving taxpayers and the IRS time to prepare for the new regulations.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2927/all-info