House Reconciliation Tax Bill Analysis

These sources discuss a significant proposed tax bill in the House of Representatives that aims to extend the 2017 Tax Cuts and Jobs Act provisions, which could prevent tax increases for most individuals. The bill also proposes new deductions, such as a $4,000 deduction for seniors and expanded access to simpler accounting methods for small businesses. Notably, the proposed legislation would increase the pass-through deduction for qualified businesses and repeal many Inflation Reduction Act energy credits. It also introduces a retaliatory tax on residents of countries with "unfair foreign taxes" and revises the reporting threshold for third-party payment network transactions.