Permanent Extension of Rate Cuts and Extension of National Tax Simplification Act of 2022

Permanent Extension of Rate Cuts and Extension of National Tax Simplification Act of 2022 or the PERCENTS Act of 2022

This bill makes permanent provisions in Public Law 115-97 (also known as the Tax Cuts and Jobs Act) relating to individual taxpayers, including the modification of individual income and capital gains tax rates and the increased exemption for the alternative minimum tax. It also increases the standard tax deduction and repeals the limitation on itemized tax deductions.

Bill 117 HR 8214, also known as the Permanent Extension of Rate Cuts and Extension of National Tax Simplification Act of 2022, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to make permanent certain tax rate cuts that were previously set to expire. These rate cuts are aimed at providing relief to individuals and businesses by lowering the amount of taxes they are required to pay.

In addition to making these rate cuts permanent, the bill also includes provisions for simplifying the national tax system. This includes streamlining the tax filing process, reducing paperwork, and making it easier for taxpayers to understand and comply with tax laws. The goal of these simplification measures is to make the tax system more efficient and user-friendly for all Americans.

Overall, the Permanent Extension of Rate Cuts and Extension of National Tax Simplification Act of 2022 seeks to provide long-term tax relief for individuals and businesses while also making the tax system easier to navigate. Supporters of the bill argue that these measures will stimulate economic growth and make the tax system fairer and more transparent. Critics, however, may raise concerns about the potential impact on government revenue and the distribution of tax benefits.