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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…
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