House Ways and Means Committee Releases Some Tax Law Details

Details are emerging on changes to TCJA

Photo by Benoit Debaix on Unsplash

The House Ways and Means Committee released a 28-page Bill and provided a 63-page description of the proposed changes as follows:

• A permanent extension of the current tax rates.

• An extra inflation adjustment to the tax rates for 2026. This effectively increases the dollar amount where the tax bracket changes by twice the regular inflation rate for 2026 other than the increase from 35% to 37% stays at the same inflation adjustment.

• The increased standard deduction is made permanent.