Staten Island Reporter

The legislation will be included in the Committee's American Families and Jobs Act

(WASHINGTON, DC) - Congresswoman Nicole Malliotakis, a member of the House Committee on Ways and Means, today announced her legislation to provide tax relief to middle-class families passed out of the full committee yesterday and will be included in the committee's American Families and Jobs Act. Specifically, Malliotakis' legislation, which was introduced in partnership with Rep. Michelle Steel (CA-45), builds on the success of Republican tax policies by providing a bonus Guaranteed Deduction of $4,000 for working families and $2,000 for single filers on 2024 and 2025 returns.

107 million Americans claim the Guaranteed Deduction, also known as the "Standard Deduction." This legislation would benefit approximately 356,000 households in New York's 11th Congressional District alone, with households earning between $15,000 and $500,000 being the beneficiaries.

"After passing the largest spending cut in history, it's critically important for Congress to take steps to ensure tangible savings are passed directly on to taxpayers," Malliotakis said. "With the Committee's passage of my legislation, we're one step closer to providing working families with a bonus deduction that will make filing their taxes easier, reduce their federal tax bill, and allow them to hold onto more of their hard-earned money. At a time when Americans are paying more for just about everything, I'm pleased to see the committee taking action to not only provide Americans with tax relief but also create jobs, support small businesses and responsibly grow our economy."

According to the nonpartisan Congressional Budget Office (CBO), the 2017 Tax Cuts and Jobs Act reduced federal tax rates for families at every income level and doubled the Guaranteed Deduction. Today, nine out of ten households claim the Guaranteed Deduction, which provides tax cuts and easier tax filing. For the more than 356,000 households in New York's 11th Congressional District who claim the Guaranteed Deduction - covering 88 percent of all tax filers - this bonus would reduce their federal tax bill and, on average, allow them to pocket an additional $775 per year.

"Inflation has risen to the highest levels in a generation during the Biden Presidency, forcing millions of working Americans to make difficult financial choices as they struggle to make ends meet and provide for their families," said Ways & Means Committee Chairman Jason Smith. "Through Hearings held around the country, the Ways and Means Committee has heard repeatedly from parents, workers, farmers, and small business owners about the urgent need for solutions to relieve financial pressures from the Biden economy. While Democrats advocate for raising taxes to give Washington more command and control, Republicans are committed to helping Americans keep more of their hard-earned money to spend, save, or invest as they need. Rep. Malliotakis’s bill, the Tax Cuts for Working Families Act, cuts taxes on the middle-class workers and families through a guaranteed deduction bonus that will provide immediate help and finally some breathing room from the Washington price spike."

During the Committee's markup of the bill, Malliotakis said: "This bill helps the very working and middle-class Americans who are often, not just neglected, but abused by government. They're the ones who are always looked to as the 'cash cow,' as the ATM - they make too much money to qualify for any type of program that helps them, but they don't earn enough to be considered 'wealthy of the wealthy,' as my colleagues on the other side of the aisle would call families earning between $15,000 and $500,000 as this bill assists. Considering Congress just passed the largest spending cut in history, it's appropriate to pass these savings directly on to taxpayers."

CLICK HERE TO LEARN MORE ABOUT MALLIOTAKIS' LEGISLATION

CLICK HERE TO LEARN MORE ABOUT THE AMERICAN FAMILIES AND JOBS ACT 

Original source can be found here.