Representative Randy Feenstra | wikipedia
Representative Randy Feenstra | wikipedia
WASHINGTON, D.C. – Last week, U.S. Rep. Randy Feenstra (R-Hull) helped introduce, alongside U.S. Rep. Michelle Steel (R-CA), the Permanent Tax Cuts for American Families Act, which would make the enhanced standard deduction – first established by the Tax Cuts and Jobs Act (TCJA) of 2017 – permanent. This enhanced deduction is set to expire in 2025 absent congressional action.
The TCJA nearly doubled the standard deduction, raising the return from $6,500 to $12,000 for individual filers, and from $13,000 to $24,000 for joint filers. For tax year 2023, the standard deduction for married couples filing jointly will be raised to $27,700 for joint filers and $13,850 for individual filers to combat the impact of inflation created by President Biden’s spending policies.
“Thanks to the Tax Cuts and Jobs Act of 2017, American workers and families have kept more of their hard-earned money through a simpler, more efficient tax code,” said Rep. Feenstra. “I’m proud to work with my Ways and Means colleague, Rep. Michelle Steel, to ensure that our families continue to benefit from the enhanced standard deduction — permanently. As a strong advocate for tax reform and fiscal responsibility, this legislation will ease the pain of inflation on our communities while growing our economy — two priorities that I am proud to support.”
91% of filers – approximately 130 million taxpayers – used the standard deduction to complete their taxes in 2021. This figure includes 325,000 taxpayers in the 4th Congressional District.
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Issues: Budget & Spending Economy
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