When politicians draft tax reform bills I usually try not to pay attention until they become law, since so few actually do.  This tax reform bill is a little different.  The Tax Relief for American Families and Workers Act of 2024 is a bipartisan bill that got through the Ways & Means Committee with a vote of 40-3.  And since some of the tax changes would be retroactive to 2023, I figured it warranted some coverage.  You might want not want to file your tax return quite yet if any of these changes apply to you.

 

Links:

https://www.wolterskluwer.com/en/expert-insights/tax-relief-for-american-families-and-workers-act-of-2024

https://www.congress.gov/bill/118th-congress/house-bill/7024

https://tax.thomsonreuters.com/blog/understanding-the-tax-relief-for-american-families-and-workers-act-of-2024/

https://taxfoundation.org/blog/bipartisan-tax-deal-2024-tax-relief-american-families-workers-act/