Not long after Congress averted the debt limit crisis through bipartisan legislation signed by President Biden, Republicans in the U.S. House of Representatives have proposed $237 billion in tax cuts. As Kiplinger reported, the House GOP tax cut package is a trio of bills covering a broad range of potential tax changes, including a temporary, bonus standard deduction called the “guaranteed deduction.”
“This bonus will help ease the burden of inflation and allow families to spend their hard-earned wages the way they see fit,” Rep. Michelle Steel (R-Calif.) said in a statement regarding the bill. Steel, a member of the House Ways and Means Committee, introduced the proposal earlier this month alongside fellow Ways and Means member Rep. Nicole Malliotakis (R-NY).
