The purpose of this legislation is to change the name of the standard deduction in the tax code to the guaranteed deduction and to introduce a temporary bonus amount for this deduction for the tax years 2026 and 2027. The goal is to provide additional tax relief to families during these years. Key provisions of the legislation include the renaming of the standard deduction to guaranteed deduction throughout the Internal Revenue Code. This change is purely nominal and does not alter the function of the deduction itself.