H.R. 523, known as the "Permanent Tax Cuts for American Families Act of 2025," seeks to make permanent changes to the Internal Revenue Code of 1986 by increasing the standard deduction amounts. Specifically, it proposes to raise the standard deduction from $4,400 to $18,000 for individuals...
Simple Explanation
The "Permanent Tax Cuts for American Families Act of 2025" is a plan to let people keep more of their money by making the amount they don't have to pay taxes on much bigger. This means people could pay less in taxes, but it might mean the government has less money to spend on other things.