Bill 119 HR 523, also known as the Standard Deduction Increase Act, aims to make a permanent change to the Internal Revenue Code of 1986 by increasing the standard deduction for taxpayers. The standard deduction is the amount of income that is not subject to taxation, and this bill seeks to raise that amount permanently.
The bill does not specify the exact amount by which the standard deduction will be increased, but it is intended to provide relief for taxpayers by allowing them to keep more of their income without having to pay taxes on it. This change would benefit individuals and families across the country by reducing their tax burden and potentially putting more money back in their pockets.
Supporters of the bill argue that increasing the standard deduction will simplify the tax code and make it easier for taxpayers to file their taxes. They also believe that it will help stimulate the economy by putting more money into the hands of consumers.
Opponents of the bill may argue that increasing the standard deduction could lead to a decrease in tax revenue for the government, potentially impacting funding for important programs and services. They may also argue that the benefits of the increased standard deduction may disproportionately benefit higher-income individuals.
Overall, Bill 119 HR 523 seeks to provide permanent relief for taxpayers by increasing the standard deduction, but the exact impact of this change remains to be seen.