Search Results: keywords:"adjusted gross income"

  • H. R. 10277 — To amend the Internal Revenue Code of 1986 to establish a deduction for certain amounts paid for rent for a primary residence.
    💰
    Status:Introduced in House
    Words:785

    H.R. 10277, also known as the “Tax Relief for Renters Act of 2024,” proposes changes to the Internal Revenue Code of 1986 to allow taxpayers to deduct certain rent expenses for their primary residence from their taxable income. The bill specifies that individuals can deduct...

    Simple Explanation

    The Tax Relief for Renters Act of 2024 is like a new rule that says people can pay a little less in taxes if they spend money on renting their home, but only if they don't make too much money. This new rule would let people save some money when they pay their taxes by using money they spent on rent, starting after the end of 2024.

  • H. R. 8710 — To amend the Internal Revenue Code of 1986 to allow a deduction for amounts contributed to a 529 plan.
    💰
    Status:Introduced in House
    Words:289

    H.R. 8710 proposes a change to the Internal Revenue Code that would allow people to deduct up to $10,000 per year from their taxable income for contributions made to a 529 plan. A 529 plan is an investment account used to save for education expenses. The bill specifies that...

    Simple Explanation

    In this bill, Congress wants to let people pay less money in taxes if they save up to $10,000 a year for school by using a special savings account called a 529 plan, but only if they make $200,000 or less in a year.

  • H. R. 9465 — To amend the Internal Revenue Code of 1986 to establish an above-the-line tax deduction for seniors.
    💰
    Status:Introduced in House
    Words:610

    The bill, H.R. 9465, aims to amend the Internal Revenue Code of 1986 to create a new tax deduction for seniors. Seniors aged 65 or older can claim a deduction of up to $25,000, which decreases if their adjusted gross income exceeds $100,000. For joint returns or surviving spouses, the limits...

    Simple Explanation

    The bill aims to help people aged 65 or older by letting them save money on taxes if they make less than a certain amount each year, but it's a bit tricky, and the rules stop after a few years.

  • S. 3523 — To end unemployment payments to jobless millionaires.
    💰
    Status:Introduced in Senate
    Words:288

    S. 3523 seeks to end unemployment payments to individuals with an adjusted gross income of $1,000,000 or more. Introduced by Senator Ernst and co-sponsored by Senators Tester and Braun, the bill prohibits the use of federal funds for unemployment compensation to wealthy...

    Simple Explanation

    S. 3523 wants to stop giving money to really rich people who lose their jobs, so they can save that money for people who need it more. This means if someone makes $1,000,000 or more a year, they won't get this help when they're not working.

  • H. R. 8102 — To amend the Internal Revenue Code of 1986 to provide an above-the-line deduction for flood insurance premiums.
    💰
    Status:Introduced in House
    Words:850

    H. R. 8102, known as the "Flood Insurance Relief Act," proposes changes to the Internal Revenue Code to allow individuals to deduct flood insurance premiums from their taxable income. This deduction applies to premiums for insurance under the National Flood Insurance Program...

    Simple Explanation

    H. R. 8102 is a bill that would allow people to subtract flood insurance costs from their income when paying taxes, but only if they make less than $200,000 a year (or $400,000 if a couple).

  • H. R. 7160 — To amend the Internal Revenue Code of 1986 to modify the limitation on the amount certain married individuals can deduct for State and local taxes.
    💰
    Status:Introduced in House
    Words:313

    H. R. 7160 proposes changes to the Internal Revenue Code to address how married couples can deduct state and local taxes from their federal taxes. Specifically, it seeks to increase the deduction limit for married couples filing jointly from $10,000 to $20,000, provided their...

    Simple Explanation

    The bill wants to let married couples who do their taxes together take off more money for state and local taxes, but only if they make less than $500,000 a year and only for a short time. It's like letting them have a bigger cookie for being married, but only if they don't make too much money and only until the end of 2023.

  • H. R. 6779 — To end unemployment payments to jobless millionaires.
    💰
    Status:Introduced in House
    Words:273

    H. R. 6779 aims to stop unemployment payments from being given to individuals who have a yearly income of $1,000,000 or more. Under this bill, any application for unemployment must include a certification process where applicants confirm they do not have an income over this...

    Simple Explanation

    H. R. 6779 wants to stop giving unemployment money to people who make a million dollars a year or more, and it will check to make sure they're telling the truth about how much money they have.