Reps. Malliotakis, Steel Introduce “Working Families Tax Cut Act” To Provide Bonus Guaranteed Deduction Of $1,950 For Single Filers On 2024, 2025 Taxes

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Malliotakis, Steel Lead Legislation to Provide Tax Relief to Working Families

WASHINGTON, DC) – Today Congresswoman Nicole Malliotakis (NY-11) and Congresswoman Michelle Steel (CA-45), members of the House Committee on Ways & Means, introduced the Working Families Tax Cut Act, legislation that would give middle-class Americans a guaranteed deduction bonus for the next two years.
According to the Congressional Budget Office (CBO), the 2017 Tax Cuts and Jobs Act reduced federal tax rates for families at every income level and doubled the Guaranteed Deduction (also known as the “Standard Deduction”), providing tax cuts and easier tax filing. Malliotakis and Steel’s legislation aims to build on the success of Republican tax policies by providing a bonus guaranteed deduction of $3,900 for working families and $1,950 for single filers on 2024 and 2025 returns.
“The first two years of President Biden’s tax and spend agenda increased inflation and the cost of food, goods and services for middle-class families,” Malliotakis said. “Americans can no longer keep up with price increases, which is why we’ve introduced this legislation to increase the standard deduction and allow millions of families to keep more of their hard-earned money, including more than 350,000 households across Staten Island and Southern Brooklyn. Considering Congress just passed the largest spending cut in history, it’s appropriate to pass these savings directly on to taxpayers.”
“Our constituents are facing record inflation due to progressive policies and high taxes. The enhanced standard deduction created under the TCJA has cut taxes for hard-working Americans,” said Rep Steel.
“For more than 305,000 households in my Southern California District who claim the Guaranteed Deduction—covering 82 percent of all tax filers—this Bonus will drive their federal tax bill lower and they will receive a significant increase in their 2024 and 2025 tax returns. This bonus will help ease the burden of inflation and allow families to spend their hard-earned wages the way they see fit.”
“Inflation has risen to the highest levels in a generation during the Biden Presidency, forcing millions of working Americans to make difficult financial choices as they struggle to make ends meet and provide for their families,” said Ways & Means Committee Chairman Jason Smith. “Through Hearings held around the country, the Ways and Means Committee has heard repeatedly from parents, workers, farmers, and small business owners about the urgent need for solutions to relieve financial pressures from the Biden economy.
“While Democrats advocate for raising taxes to give Washington more command and control, Republicans are committed to helping Americans keep more of their hard-earned money to spend, save, or invest as they need. Rep. Malliotakis’s bill, the Working Families Tax Cuts Act, cuts taxes on the middle-class workers and families through a guaranteed deduction bonus that will provide immediate help and finally some breathing room from the Washington price spike.”
CLICK HERE TO LEARN MORE ABOUT THE WORKING FAMILIES TAX CUT ACT.
Banner Image: Worker. Image Credit – Jeriden Villegas

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Congresswoman Nicole Malliotakis

Congresswoman Nicole Malliotakis was sworn in on January 3, 2021 to represent Staten Island and Southern Brooklyn. Prior to serving in the U.S. House of Representatives, Congresswoman Nicole Malliotakis was elected to the New York State Assembly on November 2, 2010, defeating a two-term incumbent. In the Assembly, she served as Minority Whip and the ranking minority member of the Assembly Committee on Governmental Employees. For five terms, Congresswoman Malliotakis fought to restore ethics in Albany, expand transit service in her district, improve programs for senior citizens, reform education and improve New York’s economic climate by reducing the tax burden on small businesses and residents. A cornerstone of her tenure was helping her community recover and rebuild following the devastation of Hurricane Sandy in 2012. In addition to advocating for these same issues in Washington, Congresswoman Malliotakis is acutely focused on securing New York’s fair share of federal mass transit funding, which would go towards expanding transportation services and easing traffic congestion, while also championing public safety by supporting our nation’s law enforcement officers. Congresswoman Malliotakis is the daughter of immigrants, her father from Greece and her mother a Cuban exile of the Castro dictatorship. She is currently the only Republican member representing New York City in Congress, representing a district spanning the boroughs of Brooklyn and Staten Island. She is a passionate advocate for animal rights and the strengthening of animal cruelty laws, and in her spare time, enjoys spending time with her chihuahua, Peanut.

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