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A bill released in early May aims to put more money in the pockets of American taxpayers as early as 2026, says the GOP.
The bill (below) “would increase standard deduction by $1,000 for individuals and $2,000 for married couples starting in tax year 2025, above and beyond the Trump tax cuts’ expansion of that basic level where income taxes don’t apply,” wrote the Wall Street Journal in their explainer of the bill. Child credits would increase by $500, meaning that a middle-income married couple with two children in the 12% tax bracket would see an extra $1,240 tax cut in the 2025 tax year, the outlet noted. (MORE NEWS: Montana Steams Ahead In Protecting Citizens From Dystopian Tech)
“Pro-family, pro-worker tax provisions are the heart of President Trump’s economic agenda that puts working families ahead of Washington and will create jobs, grow wages and investment, and help usher in a new golden age of prosperity,” Republican Missouri Rep. Jason Smith said of the bill. There are chances the language of the legislation will change substantially before being passed, so we’ll try to keep you up-to-date on the latest as it evolves into President Donald Trump’s “one big, beautiful bill.”
Read the bill in full
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