HR 7303
Middle Class Tax Cut Act
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- Passed House
- Passed Senate
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Bill overview
The Middle Class Tax Cut Act proposes significant changes to the U.S. individual income tax system. It increases the standard deduction, adjusts income tax brackets with higher rates for higher earners, and modifies tax rates for heads of households and other individuals. Additionally, it repeals reduced rates on capital gains and adjusts provisions related to marriage penalties and cost-of-living adjustments. These changes are slated to take effect beginning in 2026.
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