Bonus Guaranteed Deduction

The  U.S. House Ways and Means Committee proposed in Mid-June the “American Families Jobs Act” that promotes a $2.000 bonus guaranteed deduction.

Bonus Guaranteed Deduction
$2,000 Bonus Guaranteed Deduction under American Families and Jobs Act. (Photo: WSJ)

Proposed “American Families Jobs Act”

American families across the country need the help of the federal government to face the financial crisis amidst the soaring inflation rate. To address this problem, the U.S. House Ways and Means Committee proposed in Mid-June the “American Families Jobs Act”.

In a published article in Yahoo News, the proposed act is composed of three bills and these are The Tax Cuts for Working Families, Small Business Jobs, and the Build It in America. However, it is already assumed that it will move slowly in the U.S. Congress because of some resistance from opposing lawmakers.

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What to Know About the “American Families Jobs Act?”

According to a published article in Accounting Today, the proposed act will double the tax cuts and expands the guaranteed deduction bonus to $4,000 for joint filers or surviving spouses, $3,000 for heads of household, and $2,000 for individual taxpayers for 2024.

House Ways and Means Committee chairman Jason Smith (R-Mo.) stated in a June 13 press release said, “With this bill, we make a historic investment in the working Americans and families that are the backbone of our great nation, in direct response to the concerns they have shared with this committee about the spike in the cost of living in our hearings across the country.”

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By Neil