On the Ways and Means Committee website, I need to understand the proposed 'Extension of modification of rates' provision. Specifically, what is the current law regarding federal income tax rates, when is it set to expire, and what changes does the proposed provision introduce?
Navigate to the '2025 Reconciliation' section. Click on the 'Fact Sheets' link. Click on the 'Section By Section' fact sheet link. Locate the 'Subtitle A – Make American Families and Workers Thrive Again' section. Find the 'Part I – Permanently Preventing Tax Hikes on American Families and Workers' subsection. Identify the details for 'Sec. 110001. Extension of modification of rates.' Extract the 'Current Law' description. Extract the 'Provision' description. Note the expiration date of the current law.
Successfully navigates to the 'Section By Section' fact sheet. Identifies that under 'Current Law', the modified federal income tax bracket schedule and lower tax rates are set to expire after December 31, 2025. States that the 'Provision' makes permanent the modified federal income tax bracket schedule and lower tax rates created by the *Tax Cuts and Jobs Act*. Mentions that the 'Provision' also adds an additional year of inflation adjustment to all brackets except for the top bracket (37 percent).