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H. Rept. 118-129 1 (2023-06-30)

handle is hein.congrecreports/crptxaflm0001 and id is 1 raw text is: AUTHENTICATED U.GOVERNMENT INFORMATION . 118TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 118-129 TAX CUTS FOR WORKING FAMILIES ACT JUNE 30, 2023.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SMITH of Missouri, from the Committee on Ways and Means, submitted the following R E P O R T together with DISSENTING VIEWS [To accompany H.R. 3936] [Including cost estimate of the Congressional Budget Office] The Committee on Ways and Means, to whom was referred the bill (H.R. 3936) to amend the Internal Revenue Code of 1986 to re- name the standard deduction the guaranteed deduction, and to add a bonus amount to the guaranteed deduction for taxable years 2024 and 2025, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ............................................................... 3 A. Purpose and Summary ..................................................................... 3 B. Background and Need for Legislation ............................................. 3 C. Legislative History ........................................................................... 4 D . Designated H earings ....................................................................... 4 II. EXPLANATION OF THE BILL ................................................................... 4 A. Increase in Standard Deduction (sec. 1 of the bill and sec. 63 of the Code) ............................................................................... 4 III. VOTES OF THE COMMITTEE .................................................................... 7 IV. BUDGET EFFECTS OF THE BILL ........................................................... 11 A. Committee Estimate of Budgetary Effects ...................................... 11 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority .................................................................. 11 C. Cost Estimate Prepared by the Congressional Budget Office ....... 11 V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF THE HOUSE .............................................................................................. 15 39-006