The main purpose of this legislation is to increase the standard deduction for taxpayers in the years 2026 and 2027. This increase is specifically tied to a "tariff rebate amount," which is intended to provide financial relief to taxpayers during these years. The key provisions of this legislation include a significant increase in the standard deduction based on the type of tax return filed. For joint filers or surviving spouses, the standard deduction will be raised by $4,000. For heads of household, the increase will be $3,000, and for all other taxpayers, the increase will be $2,000.