H.R. 1833, also known as the “Working Families Tax Cut Act,” proposes changes to the U.S. tax code. It aims to rename the "standard deduction" to the "guaranteed deduction" starting in tax year 2026. Additionally, for the tax years 2026 and 2027, it introduces a bonus amount...
Simple Explanation
H.R. 1833 wants to rename a part of the tax rules, called the "standard deduction," to the "guaranteed deduction" and give people extra money to lower their taxes for two years, but how much extra money depends on how they file their taxes.