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Tax Cuts for Working Families Act

12/15/2023, 3:59 PM

Summary of Bill HR 3936

Bill 118 hr 3936, also known as the Tax Cuts for Working Families Act, is a piece of legislation introduced in the US Congress with the aim of providing tax relief to American families. The bill proposes a number of measures to reduce the tax burden on working families, including increasing the child tax credit, expanding the earned income tax credit, and lowering tax rates for middle and lower income households.

One of the key provisions of the bill is the expansion of the child tax credit, which would increase the amount of money that families can receive for each child. This would provide much-needed financial assistance to parents who are struggling to make ends meet and help to alleviate the financial strain of raising children.

Additionally, the bill seeks to expand the earned income tax credit, which is a refundable tax credit for low to moderate income working individuals and couples, particularly those with children. By increasing the amount of the credit and expanding eligibility criteria, the bill aims to provide additional support to working families who are struggling to make ends meet. Furthermore, the Tax Cuts for Working Families Act proposes to lower tax rates for middle and lower income households, providing relief to individuals and families who are struggling to keep up with the rising cost of living. By reducing the tax burden on these households, the bill aims to stimulate economic growth and provide much-needed financial relief to those who need it most. Overall, Bill 118 hr 3936, the Tax Cuts for Working Families Act, is a comprehensive piece of legislation aimed at providing tax relief to American families. By increasing the child tax credit, expanding the earned income tax credit, and lowering tax rates for middle and lower income households, the bill seeks to alleviate the financial burden on working families and provide much-needed support to those who need it most.

Congressional Summary of HR 3936

Tax Cuts for Working Families Act

This bill renames the standard tax deduction as the guaranteed deduction. It allows an additional bonus amount of $2,000 ($4,000 for married couples filing jointly) in taxable years beginning in 2024 and 2025 but reduces the bonus amount for taxpayers whose modified adjusted gross income exceeds $200,000 ($400,000 for joint filers).

Current Status of Bill HR 3936

Bill HR 3936 is currently in the status of Bill Introduced since June 9, 2023. Bill HR 3936 was introduced during Congress 118 and was introduced to the House on June 9, 2023.  Bill HR 3936's most recent activity was Placed on the Union Calendar, Calendar No. 101. as of June 30, 2023

Bipartisan Support of Bill HR 3936

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 3936

Primary Policy Focus

Taxation

Potential Impact Areas

- Income tax deductions
- Inflation and prices

Alternate Title(s) of Bill HR 3936

Tax Cuts for Working Families Act
Tax Cuts for Working Families Act
Tax Cuts for Working Families Act
To amend the Internal Revenue Code of 1986 to rename the standard deduction the guaranteed deduction, and to add a bonus amount to the guaranteed deduction for taxable years 2024 and 2025.

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