H.R. 9800, titled the “Working Class Bonus Tax Relief Act of 2024,” proposes amendments to the Internal Revenue Code of 1986 to allow individuals to deduct certain bonuses from their taxable income. Specifically, the bill permits a deduction for bonuses that do not exceed 15% of the...
Simple Explanation
The "Working Class Bonus Tax Relief Act of 2024" lets people pay less in taxes on certain extra money they get from work, but it's only for people who make less than a certain amount each year and will last until the end of 2029.