The gist

Rewrites federal income tax brackets, boosts the standard deduction to $75,000 for joint filers, and taxes top earners up to 70%. Affects every U.S. taxpayer starting in 2026.

Who wins, who loses

Wins: middle and working-class families who owe little or no federal income tax under the bigger deduction.

Loses: high earners over $2M, investors losing capital-gains discounts, and dividend recipients.

What it does

Raises standard deduction from $4,400 to $75,000 (joint) and $3,000 to $50,000 (single).

Sets five brackets: 25%, 30%, 40%, 50%, and 70% (top rate hits over $2M joint income).

Ends preferential tax rates on long-term capital gains and qualified dividends.

Takes effect for tax years starting after December 31, 2025.

Why should I care?

Supporters say the huge deduction means most families pay zero federal income tax, freeing cash for rent and groceries. Critics argue the 70% top rate and ending capital-gains breaks would discourage investment and hurt retirement accounts. An alternative being debated: smaller deduction increases paired with modest rate hikes. Where do you land? Vote below and use "Tell Your Rep" to make sure your voice reaches Congress.