S. 467 aims to change the Internal Revenue Code of 1986 to allow individuals to deduct attorney fees and costs related to consumer claim awards directly from their income. This deduction would apply specifically to claims involving violations of consumer protection laws,...
Simple Explanation
In S. 467, people would be able to subtract the money they spend on lawyer fees for certain consumer problems, like when companies break rules about products and services, from their income before paying taxes. This change might make it tricky to understand all the different rules and who’s in charge, but it could help people save money when they win or settle these types of cases.