H.R. 7425 is a bill that aims to amend the Internal Revenue Code of 1986 to allow a tax deduction for certain expenses related to newborns. Taxpayers can deduct up to $5,000 for costs such as infant formula, baby bottles, diapers, an infant car seat, a baby stroller, and a crib, but not more...
Simple Explanation
H.R. 7425 is a plan that would let people pay less taxes if they have a new baby, by giving back some money for things like baby formula or a crib, but only if they don't earn too much money. The plan is designed to help families with babies for five years, starting in 2025.