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.