H.R. 7400, also known as the "Inflation Relief Act," seeks to amend the Internal Revenue Code of 1986 by providing individuals with a refundable credit for a portion of their Federal income tax liability for the year 2024. The bill proposes that individuals can receive a...
Simple Explanation
H.R. 7400 is a plan to let people pay a little less money in taxes by giving them back 10% of what they owe the government if they earn below a certain amount. It's meant to help people keep more of their money in 2024.