House Republicans have assembled a $237 billion tax cut package with a bevy of provisions to bolster the economy and offset the impact of 40-year-high inflation on Americans.

It includes increasing the standard deduction on income taxes, expanding opportunity zones, slapping an excise tax on property purchases linked to China and Russia, rolling back some requirements for reporting transactions to the Internal Revenue Service and restoring expired Trump-era business expense write-offs.

The House’s Republican tax writers face complications, including opposition from President Biden and the Democratic-run Senate. The plan lays down a marker on tax policy and invites debate and negotiation about Americans’ tax burdens.

Under the Republican plan, the standard deduction for singles or married couples filing separately would increase by $2,000 to $15,850. For married couples filing jointly, the standard deduction would increase by $4,000 to $30,700.

“With this provision in place, an American family of four will not pay a cent in federal taxes on their first $68,000 of income,” said House Ways and Means Committee Chairman Jason Smith, Missouri Republican. “This allows Americans to keep more of their hard-earned dollars to spend as they see fit to address their individual and family needs.”