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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Earned Income Tax Credit (EITC)

A tax credit for low to moderate-income working individuals and families, designed to reduce their tax burden and supplement their wages.

Child Tax Credit (CTC)

A tax credit for families with qualifying children, designed to help offset the costs of raising children.

Fully Refundable Tax Credit

A tax credit that allows taxpayers to receive the full credit amount as a refund, even if it's more than the amount of income tax they owe.

Tax Deduction

An amount subtracted from a taxpayer's gross income to reduce the amount of income subject to tax, thereby lowering their overall tax bill.

Itemize Deductions

To list specific deductible expenses (like mortgage interest or medical costs) instead of taking the standard deduction, often done when these specific expenses add up to a larger amount.

Capital Gains Rate

The tax rate applied to the profit an investor makes when selling an asset (like stocks or real estate) for more than its original purchase price.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which this bill proposes to change.