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The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
At the very top of Republicans’ 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a majority is the plan to renew some $4 trillion in expiring tax cuts.
Another key factor among the 2017 tax law changes enacted during Trump’s first term was the provision that brought the U.S. corporate income tax rates in line with those levied in Europe and Asia.
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One major concern regarding Trump's proposed tax plan is its potential impact on the federal deficit. Estimates suggest extending these tax cuts could increase the deficit by over $3.7 trillion ...
Although Trump has not provided additional details of how the plan would work, the Tax Foundation, a nonprofit tax policy organization, said that eliminating taxes on overtime pay could “distort ...
This made the 2017 tax plan less popular than any tax proposal since 1981, including the tax increases of 1990 and 1993. [152] Trump has claimed the tax cuts on the wealthy and corporations would be "paid for by growth", although 37 economists polled by the University of Chicago unanimously rejected the claim. [153]
When former President Donald Trump was in office, he signed the Tax Cuts and Jobs Act (TCJA) into law in 2018. This law changed the tax code to cut taxes for shareholders and individual taxpayers ...