The released text includes provisions to: make the TCJA regular income tax rate schedules for individual, estates, and trusts rates permanent, and provide inflation relief for all but the top bracket make the TCJA increases to the standard deduction permanent, with additional increases through 2028 increase the Child Tax Credit to $2,500 through 2028, and make permanent the $1,400 inflation adjusted Additional Child Tax Credit (after 2028, the Child Tax Credit will permanently drop to $2,000, indexed for inflation) To dig deeper, visit the original article on the Thomson Reuters blog.

House Ways and Means Releases Partial Tax Bill Text - Tax Research & Guidance - Tax & Accounting

Neil Vicente 1 month ago

The released text includes provisions to:

make the TCJA regular income tax rate schedules for individual, estates, and trusts rates permanent, and provide inflation relief for all but the top bracket
make the TCJA increases to the standard deduction permanent, with additional increases through 2028
increase the Child Tax Credit to $2,500 through 2028, and make permanent the $1,400 inflation adjusted Additional Child Tax Credit (after 2028, the Child Tax Credit will permanently drop to $2,000, indexed for inflation)

To dig deeper, visit the original article on the Thomson Reuters blog.