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119-hr-1833119th CongressWALLET

Working Families Tax Cut Act

Sponsored By: Representative Malliotakis, Nicole [R-NY-11]

Introduced

Summary

Bonus guaranteed deduction temporarily raises the standard deduction and renames it the "guaranteed deduction." The bill creates a short-term bonus deduction for 2026 and 2027 and updates tax code language to use the new name.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 0 costs, 1 mixed.

Extra tax deduction in 2026-2027

If enacted, for tax years that start in 2026 or 2027, you could claim a bonus guaranteed deduction. The bonus would be $4,000 for a joint return or surviving spouse, $3,000 for head of household, and $2,000 for others. For 2027, these amounts would increase with inflation and be rounded down to the nearest $50. The bonus would be reduced by 5% of your modified AGI over $400,000 (joint), $300,000 (head), or $200,000 (others). Modified AGI means your AGI plus amounts you excluded under sections 911, 931, or 933.

Standard deduction renamed guaranteed deduction

If enacted, the tax code would rename the "standard deduction" as the "guaranteed deduction." This would start for tax years that begin after December 31, 2025. The bill would not change deduction amounts or how the deduction is figured; it would only update wording and cross-references.

Sponsors & CoSponsors

Sponsor

Malliotakis, Nicole [R-NY-11]

NY • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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