This bill, known as the "TCJA Permanency Act," proposes to amend the Internal Revenue Code to permanently maintain certain provisions of the Tax Cuts and Jobs Act. It includes changes to tax rates for individuals, families, and small businesses, increases tax exemptions for estates and gifts,...
Simple Explanation
The "TCJA Permanency Act" is a plan to keep some rules about taxes the same so people, families, and small businesses might pay less in taxes. It also means fewer taxes when giving money to family and getting credits or deductions for kids, education, and gifts, but it might be a bit confusing and unfair to some folks living in different places.