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

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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

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