The bill titled H. R. 110 seeks to amend the Internal Revenue Code to make the deduction for qualified business income permanent and increase it to achieve a 21% top rate. It proposes to remove certain limitations and exclusions, such as those based on W-2 wages and specified...
Simple Explanation
This bill wants to make some permanent changes to how people or businesses pay taxes by letting them keep more money and not paying as much, especially if they own a business, and it also suggests getting rid of a tax that is paid when someone gives away their money after they die.