Extension of Tax Rates:
This covers the current tax rates of the 12 percent, 22 percent, 24 percent, 32 percent, and 37 percent brackets, respectively.
The "Bonus" Deduction:
There is a $6,000 bonus deduction for filers 65 and up in addition to the standard deduction available to all taxpayers.
Child Tax Credit:
The child tax credit of $2,000 will increase to $2,200. The credit also has a COLA (cost-of-living adjustment) attached.
American Family Account:
The government will make a one-time $1,000 payment into an account for babies born between 2025 and 2028.
New Car Loans:
Between now and 2028, a $10,000 deduction on new car loan interest will be available, but some limitations apply.