Makes broad changes to individual income tax rules starting in tax year 2027: excludes forgiven debt from individual taxable income, raises the top capital gains rate to 25%, expands and indexes the Earned Income Tax Credit, creates a new Child Tax Credit, and creates multiple new tax deductions (medical expenses for non-itemizers, daycare, public‑transit commuting, tutoring, credit‑card interest, and a rent deduction with an income phaseout). Many changes require IRS rulemaking and take effect for taxable years beginning after December 31, 2026.