H.R.7303

Middle Class Tax Cut Act proposes tax reforms to increase standard deductions and adjust tax brackets.

The Middle Class Tax Cut Act amends the Internal Revenue Code to reform individual income tax rates. It increases the standard deduction for married couples filing jointly and heads of households. The bill adjusts tax brackets for various income levels, with a new bracket for incomes over $1.5 million. It also eliminates reduced rates of tax on capital gains and modifies the tax rate for estates and trusts. These changes apply to taxable years beginning after December 31, 2025.