New Bill Would Increase Standard Tax Deductions by up to $4,000

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

 If it became law, the legislation would benefit millions of taxpayers starting in the 2024 tax year. Mega Pixel / Shutterstock.com

A new bill in Congress would temporarily increase the standard deduction by $2,000 to $4,000 for many taxpayers. That would mean a lower taxable income and likely also a lower tax bill for those affected. The Tax Cuts for Working Families Act (HR 3936) was introduced last week by Rep. Jason Smith (R-Mo.) in an effort to help ease the sting of inflation. It was passed this week by the House of…

 Read More