Middle Class Tax Cut Act

This bill would change federal income tax rules starting with tax years that begin after December 31, 2025. It would raise the base standard deduction to $50,000 for single filers and $75,000 for heads of household; under existing law, the joint-return amount is set at twice the single amount. It would replace the current income tax brackets with five rates of 25%, 30%, 40%, 50% and 70%. The 70% rate would apply to taxable income over $2,000,000 for joint filers and over $1,000,000 for single filers. It would also end the lower tax rates that now apply to capital gains.

Full text and official record on Congress.gov

Sponsors

• Shri Thanedar Democrat sponsor
• 0 cosponsors