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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.
During the six months following enactment of the Trump tax cut, year-on-year corporate profits increased 6.4%, while corporate income tax receipts declined 45.2%. This was the sharpest semiannual decline since records began in 1948, with the sole exception of a 57.0% decline during the Great Recession when corporate profits fell 47.3%. [193]
Trump signed the Tax Cuts and Jobs Act of 2017 and a partial repeal of the Dodd–Frank Act. He appointed Neil Gorsuch , Brett Kavanaugh , and Amy Coney Barrett to the Supreme Court . Trump reversed numerous environmental regulations , withdrew from the Paris Agreement on climate change , and signed the Great American Outdoors Act but later ...
On 22 December 2017, President Trump signed the Tax Cuts and Jobs Act, which reduced the corporate tax rate from 35% to 20%. [ 26 ] Other changes included income tax rate cuts, doubling of the standard deduction , capping the state and local tax deduction and eliminating personal exemptions .
Near the end of the 100 days, the Trump administration introduced a broad outline of a sweeping tax reform focusing on deep tax cuts. Although Trump had to concede to delay funding for the U.S.–Mexico border wall he had promised, narrowly avoiding a government shutdown a few days before the end of the first 100 days. [5] [6]
In December 2017, Trump signed the Tax Cuts and Jobs Act of 2017. It reduced tax rates for businesses and individuals and set the penalty associated with the Affordable Care Act 's individual mandate to $0.
President Trump visits the U.S. Capitol in advance of the passing by House Republicans without Democratic votes (227-205) of a $1.4tn "Tax Cut and Jobs Act" in support of Trump's tax-cut initiative. Among numerous proposals are included a cut in corporate tax from 35% to 20%, and the abolition of the Family Flexibility Credit, the estate tax ...
Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act, signed into law by President Donald Trump. The first Opportunity Zones were designated in April 2018. [4] There are 8,764 Opportunity Zones in the 50 states, and five U.S. possessions, including American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin ...