,i  #aagth ,,congress  #b;d ,session    
,h4 ,r4 #hihc  ,,in ,,the ,,house ,,of  
,,representatives  ,september #bf1      
#bjbb,mr4 ,banks introduced the         
following bill2 which was referred to   
the ,committee on ,ways and ,means  ,a  
,,bill  ,to rescind certain balances    
made available to the ,internal ,revenue
 ,service and amend the ,internal       
,revenue ,code of #aihf to permanently  
increase the standard deduction4  #a4   
,rescission of certain balances made    
available to the ,internal ,revenue     
,service ,section #ajcja of ,public ,law
 #aag-afi 7commonly known as the        
,inflation ,reduction ,act7 is hereby   
repealed1 the unobligated balance of    
amounts made available under such       
section are hereby permanently          
rescinded1 and any amounts made         
available under such section that are   
obligated are hereby deobligated and    
permanently rescinded4  #b4 ,increase in
 standard deduction  7a7 ,in general    
,section #fc7;c77#b7 of the ,internal   

,revenue ,code of #aihf is amended--    
7#a7 by striking #d1djj in subparagraph 
7,b7 and inserting #ba1jfj1 and  7#b7 by
 striking #c1jjj in subparagraph 7,c7   
and inserting #ad1jbe4  7b7 ,inflation  
adjustment ,section #fc7;c77#d7 of such 
,code is amended to read as follows3    
7#d7 ,adjustments for inflation  7,a7   
,in general ,each dollar amount in      
paragraph 7#b77;,b71 7#b77;,c71 or 7#e7 
or subsection 7f7 shall be increased by 
an amount equal to--  7i7 such dollar   
amount1 multiplied by  7ii7 the         
cost-of-living adjustment determined    
under section #a7;f77#c7 for the        
calendar year in which the taxable year 
begins1 determined by substituting for  
#bjaf in subparagraph 7,a77ii7 thereof--
  7,i7 in the case of the dollar amounts
 contained in paragraph 7#b77;,b7 or    
7#b77;,c71 #bjbb1  7,,ii7 in the case of
 the dollar amounts contained in        
paragraph 7#e77;,a7 or subsection 7f71  
#aihg1 and  7,,iii7 in the case of the  
dollar amount contained in paragraph    

7#e77;,b71 #aiig4  7,b7 ,rounding ,if   
any increase under this clause is not a 
multiple of #ej1 such increase shall be 
rounded to the next lowest multiple of  
#ej4  4  7c7 ,conforming amendment      
,section #fc7;c7 of such ,code is       
amended by striking paragraph 7#g74  7d7
 ,effective date ,the amendments made by
 this section shall apply to taxable    
years beginning after ,december #ca1    
#bjbb4