Search Results: keywords:"taxable years after 2024"

  • H. R. 320 — To amend the Internal Revenue Code of 1986 to eliminate the marriage penalty in the income tax rate brackets.
    💰
    Status:Introduced in House
    Words:345

    H. R. 320 aims to change the income tax rate system by eliminating the marriage penalty. This means that for married couples filing jointly, the tax brackets will be adjusted so that they pay taxes as though they were two single individuals, effectively doubling the income...

    Simple Explanation

    H. R. 320 is a bill that wants to make it so when two people get married and pay taxes together, they don't end up paying extra compared to when they were single. It plans to do this by adjusting how much money they can earn before paying higher taxes, starting in 2025.

  • S. 129 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on qualified tips through a deduction allowed to all individual taxpayers, and for other purposes.
    💰
    Status:Introduced in Senate
    Words:1,292

    S. 129, known as the "No Tax on Tips Act," proposes changes to the Internal Revenue Code of 1986 to allow individual taxpayers to deduct qualified tips from their taxable income. The bill defines "qualified tips" as cash tips earned in occupations that traditionally receive...

    Simple Explanation

    S. 129 is a bill that wants to make it so money earned from tips, like when someone leaves extra dollars at a restaurant, doesn't get taxed up to $25,000 each year. It also helps certain beauty businesses by giving them a break on certain taxes they pay for their employees' tip money.

  • H. R. 310 — To amend the Internal Revenue Code of 1986 to repeal certain credits.
    Status:Introduced in House
    Words:1,734

    The bill H.R. 310, titled the “Restoring Energy Market Freedom Act,” proposes to amend the Internal Revenue Code of 1986 by repealing a variety of existing tax credits. These repealed sections include numerous credits related to energy production and investment, such as...

    Simple Explanation

    The bill H.R. 310 wants to stop giving certain special rewards (or tax credits) to people and companies that make or use energy in specific ways. These changes would start after the year 2024, but the bill doesn't explain why these rewards are being taken away or how it will affect everyone.

  • H. R. 782 — To amend the Internal Revenue Code of 1986 to establish a credit for hired critical employees and to make permanent certain expiring provisions relating to the child tax credit.
    💰
    Status:Introduced in House
    Words:1,800

    H.R. 782 aims to modify the Internal Revenue Code of 1986 by introducing a tax credit for employers who hire "critical employees," such as healthcare professionals, law enforcement officers, and childcare providers, who work in designated opportunity zones. The bill also...

    Simple Explanation

    H.R. 782 is a bill that tries to help people get jobs by giving businesses a money bonus if they hire important workers, like doctors or teachers, in special areas. It also wants to make sure families keep getting extra money for their kids in their taxes, making it easier to understand and use.