U.S. Michelle Steel (R-CA) introduced last week the Permanent Tax Cuts for American Families Act (H.R. 3270), which would make the enhanced standard deduction permanent.
The enhanced standard deduction established by the Tax Cuts and Job Act of 2017 (TCJA) is slated to expire in 2025.
“The Tax Cuts and Jobs Act was revolutionary for the American taxpayer,” Miller said. “As a member of the Ways and Means committee, it is my responsibility to make sure American families are able to save more and give the government less of their hard-earned money. The Permanent Tax Cuts for American Families Act will cement important tax cuts into law, ensuring stability for families across West Virginia.”
U.S. Reps. Carol Miller (R-WV), Adrian Smith (R-NE), David Kustoff (R-TN), Beth Van Duyne (R-TX) Brad Wenstrup (R-OH), Drew Ferguson (R-GA), Mike Kelly (R-PA), and Randy Feenstra (R-IA) are original cosponsors of the legislation.
“The enhanced standard deduction allows nearly 29 million more households to streamline their tax filing process and increase their tax-free income earnings,” Steel said. “I have always been a tax fighter and we need tax policies that will help hard working Americans. I am excited to work with my colleagues to take up common sense legislation to protect every American from excessive taxation that will allow them to keep more of their hard-earned income. I am eager to work on enhancing and making permanent many of the tax saving and pro-growth policies created by the TCJA.”
According to bill proponents, 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.