Family and Small Business Taxpayer Protection Act

Family and Small Business Taxpayer Protection Act

This bill rescinds certain unobligated amounts made available to the Internal Revenue Service by the Inflation Reduction Act of 2022 for (1) its enforcement activities and operations support, (2) the efile tax return system, and (3) funding the U.S. Tax Court and certain Department of the Treasury tax agencies.

Bill 118 hr 23, also known as the Family and Small Business Taxpayer Protection Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide tax relief and protection for families and small businesses.

One key provision of the bill is the reduction of taxes for families and small businesses. This includes lowering income tax rates, increasing the child tax credit, and providing tax incentives for small businesses to invest and grow. The bill also aims to simplify the tax code, making it easier for individuals and businesses to file their taxes.

Another important aspect of the Family and Small Business Taxpayer Protection Act is the implementation of measures to prevent tax fraud and abuse. This includes increasing penalties for tax evasion and improving the IRS's ability to detect and prosecute fraudulent activity. Overall, the bill seeks to support families and small businesses by reducing their tax burden, simplifying the tax code, and cracking down on tax fraud. It is currently being debated in Congress, with supporters arguing that it will stimulate economic growth and create a more fair tax system, while opponents raise concerns about the potential impact on government revenue and the distribution of tax benefits.