A bill to amend the Internal Revenue Code of 1986 to increase the standard deduction, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4042 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4042 To amend the Internal Revenue Code of 1986 to increase the standard deduction, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 10, 2026 Mr. Booker introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to increase the standard deduction, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; ETC. (a) Short Title.--This Act may be cited as the ``Keep Your Pay Act''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this Act an amendment is expressed in terms of an amendment to a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of Contents.--The table of contents of this Act is as follows: Sec. 1. Short title; etc. TITLE I--INCREASE IN STANDARD DEDUCTION AND TOP TAX RATES Sec. 101. Increased standard deduction. Sec. 102. Increase in income tax rates for highest earners. TITLE II--TAX CUTS FOR WORKERS AND FAMILIES Sec. 201. Permanent extension of earned income credit rules for individuals without qualifying children. Sec. 202. Application of earned income credit to possessions of the United States. Sec. 203. Election to use prior year earned income. Sec. 204. Establishment of refundable child tax credit with monthly advance payment. TITLE I--INCREASE IN STANDARD DEDUCTION AND TOP TAX RATES SEC. 101. INCREASED STANDARD DEDUCTION. (a) In General.--Section 63(c) is amended-- (1) in paragraph (7), in the matter preceding subparagraph (A),