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Chairman’s amendment would extend most 2017 tax changes and add new provisions, JCT staff says
Summary
Joint Committee on Taxation staff and committee counsel walked members through the chairman’s amendment in the nature of a substitute, saying it would extend most 2017 tax changes and add modifications to deductions, credits, depreciation, and trade rules.
Tom Barthold, chief of staff for the Joint Committee on Taxation, and committee counsel gave the committee a technical overview of the chairman’s amendment in the nature of a substitute and highlighted multiple substantive changes relative to current law and the text distributed on Friday.
Barthold said the amendment “would extend and make permanent almost all of the provisions of public law 01/1597 that were otherwise scheduled to expire at the end of this year,” while also making modifications to indexing and several benefit levels. His walk‑through identified the following key provisions:
- Rate schedule and standard deduction: The rate schedule from the 2017 law would be extended and made permanent; the standard deduction is extended and, for 2025–2028, increased by an extra inflation adjustment worth $1,000 for single filers, $1,500 for head of household, and $2,000 for joint filers.
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