An alternative tax plan may increase the usual deduction from up to $4,000

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A proposal that aims to temporarily increase the standard tax deduction utilized by a large number of taxpayers by $2,000 for each individual for the following 2 years has been approved by a House subcommittee.

According to the Tax Cuts for Working Families Act (H.R. 3936), which was just passed by the House Ways and Means Committee, the typical deduction would be permanently increased by $2,000 for solo filers and $4,000 for marital filers for 2024 and 2025. For single taxpayers with $200,000 in revenue or $400,000 for combined filers, the discount would begin to phase off. A financial advisor can assist you in reducing your tax planning and managing recent changes to the tax code.

Rep. Carol Miller, a Republican from West Virginia, noted that “the vast, vast majority of my voters utilize the standard deduction on their taxes each year” and added that the proposal would boost the regional economies. The additional $4,000 deduction represents a $100 billion tax savings for working people and will significantly help my people make budgets meet.

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