A comprehensive tax reform bill was introduced in Congress today, aiming to simplify the tax code and provide relief to middle-class families. The bill proposes significant changes to income tax brackets and introduces new deductions for families with children.
The proposed legislation has already sparked debate among lawmakers, with supporters arguing it will stimulate economic growth while critics claim it disproportionately benefits high-income earners. The bill is expected to undergo several revisions before coming to a vote.
If passed, the reforms would represent the most significant changes to the tax code in over three decades. The Treasury Department estimates that approximately 80% of taxpayers would see their tax burden reduced under the new plan.