,,ib ,union ,calendar ,no4 #aja #aahth ,,congress #ast ,session ,h4 ,r4 #cicf ,report ,no4 #aah-abi ,,in ,,the ,,house ,,of ,,representatives ,june #i1 #bjbc,mr4 ,smith of ,missouri introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,june #cj1 #bjbc,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,june #i1 #bjbc ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to rename the standard deduction the guaranteed deduction1 and to add a bonus amount to the guaranteed deduction for taxable years #bjbd and #bjbe4 #a4 ,short title ,this ,act may be cited as the ,tax ,cuts for ,working ,families ,act4 #b4 ,standard deduction renamed guaranteed deduction 7a7 ,in general ,section #fc of the ,internal ,revenue ,code of #aihf is amended-- 7#a7 by striking standard deduction each place it appears and inserting guaranteed deduction1 and 7#b7 in subsection 7c7-- 7,a7 in the heading1 by striking ,standard deduction and inserting ,guaranteed deduction1 7,b7 in the heading of paragraph 7#b71 by striking standard deduction and inserting guaranteed deduction1 7,c7 in the heading of paragraph 7#c71 by striking standard deduction and inserting guaranteed deduction1 7,d7 in the heading of paragraph 7#e71 by striking standard deduction and inserting guaranteed deduction1 7,e7 in the heading of paragraph 7#f71 by striking standard deduction and inserting guaranteed deduction1 and 7,f7 in the heading of paragraph 7#g77;,a71 by striking standard deduction and inserting guaranteed deduction4 7b7 ,conforming amendments 7#a7 ,section #a7;g77#d77;,a7 of such ,code is amended by striking standard deduction and inserting guaranteed deduction4 7#b7 ,section #ef7;b77#a77;,d7 of such ,code is amended-- 7,a7 in the heading1 by striking ,standard deduction and inserting guaranteed deduction1 and 7,b7 by striking standard deduction and inserting guaranteed deduction4 7#c7 ,section #hfa7;b7 of such ,code is amended by striking standard deduction and inserting guaranteed deduction4 7#d7 ,section #hfb7;b7 of such ,code is amended by striking standard deduction and inserting guaranteed deduction4 7#e7 ,section #acih7;c7 of such ,code is amended-- 7,a7 in the heading1 by striking standard deduction and inserting guaranteed deduction1 7,b7 in the heading of paragraph 7#c71 by striking standard deduction and inserting guaranteed deduction1 and 7,c7 by striking standard deduction and inserting guaranteed deduction4 7#f7 ,section #cdjb of such ,code is amended by striking standard deduction each place it appears and inserting guaranteed deduction4 7#g7 ,section #fjab of such ,code is amended by striking standard deduction each place it appears and inserting guaranteed deduction4 7#h7 ,section #fjac7;b77#c77;,a7 of such ,code is amended by striking standard deduction and inserting guaranteed deduction4 7#i7 ,section #fjad7;b77#d7 of such ,code is amended by striking standard deduction and inserting guaranteed deduction4 7#aj7 ,section #fccd of such ,code is amended by striking standard deduction each place it appears and inserting guaranteed deduction4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjbc4 #c4 ,bonus guaranteed deduction for #bjbd and #bjbe 7a7 ,in general ,section #fc7;c7 of the ,internal ,revenue ,code of #aihf 7as amended by section #b7 is amended by adding at the end the following new paragraph3 7#h7 ,bonus guaranteed deduction for taxable years #bjbd and #bjbe 7,a7 ,in general ,in the case of a taxable year beginning after ,december #ca1 #bjbc1 and before ,january #a1 #bjbf1 the guaranteed deduction shall be increased by the amount of the bonus guaranteed deduction4 7,b7 ,bonus guaranteed deduction ,for purposes of this paragraph1 the bonus guaranteed deduction is-- 7i7 twice the dollar amount in effect under clause 7iii7 in the case of a joint return or a surviving spouse 7as defined in section #b7;a771 7ii7 #c1jjj in the case of a head of household1 and 7iii7 #b1jjj in any other case4 7,c7 ,adjustment for inflation ,in the case of a taxable year beginning after #bjbd1 the dollar amounts in clauses 7ii7 and 7iii7 of subparagraph 7,b7 shall each 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 #bjbc for #bjaf in subparagraph 7,a77ii7 thereof4 ,if any increase under this subparagraph is not a multiple of #ej1 such increase shall be rounded to the next lowest multiple of #ej4 7,d7 ,limitation on bonus guaranteed deduction based on modified adjusted gross income 7i7 ,in general ,the bonus guaranteed deduction determined under subparagraph 7,b7 shall be reduced 7but not below zero7 by #e percent of so much of the taxpayer's modified adjusted gross income as exceeds the threshold amount4 ,for purposes of the preceding sentence1 the term modified adjusted gross income means adjusted gross income increased by any amount excluded from gross income under section #iaa1 #ica1 or #icc4 7ii7 ,threshold amount ,for purposes of clause 7i71 the threshold amount is-- 7,i7 #djj1jjj in the case of a joint return or a surviving spouse 7as defined in section #b7;a771 7,,ii7 #cjj1jjj in the case of a head of household1 and 7,,iii7 #bjj1jjj in any other case4 7,e7 ,bonus guaranteed deduction not allowed to dependents ,in the case of any individual with respect to whom paragraph 7#e7 applies for any taxable year1 subparagraph 7,a7 shall not apply4 4 7b7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjbc4 ,june #cj1 #bjbc,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed