This legislation aims to make a significant and lasting change to the federal tax code by permanently increasing the standard deduction. It specifically amends Section 63(c)(2) of the Internal Revenue Code of 1986 to raise the standard deduction amount in subparagraph (B) from $4,400 to $18,000 and the amount in subparagraph (C) from $3,000 to $12,000 . These changes are intended to provide permanent tax relief to American families by reducing their taxable income. The bill also revises the inflation adjustment mechanism in Section 63(c)(4) to ensure these new, higher deduction amounts are properly adjusted for cost-of-living increases, using 2017 as the new base year for certain adjustments. A conforming amendment strikes paragraph (7) of Section 63(c), and all changes will take effect for taxable years beginning after the Act's enactment.