The House Ways and Means Committee passed late Tuesday the American Families and Jobs Act, a series of tax-related bills that Committee Chairman Jason Smith, R-Mo., said is designed to help ease the pain of high inflation.
The package includes three bills: the Tax Cuts for Working Families Act, H.R. 3936; the Small Business Jobs Act, H.R. 3937; and the Build It in America Act, H.R. 3938.
Jeff Bush of The Washington Update said Monday that the plan is "a resurrection of the tax bill that both parties worked on at the end of last year, although with additional asks."
The Tax Cuts for Working Families Act "would temporarily boost the standard deduction by $2,000 for single filers and $4,000 for married filers for 2024 and 2025, and the bonus amount would phase out for single taxpayers with incomes above $200,000 and married taxpayers with incomes above $400,000," Erica York, senior economist and research manager at the Tax Foundation in Washington, told ThinkAdvisor Monday in an email.
