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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]
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]
During a meeting with the New York Times Editorial Board in January 2016, Trump said he would tax Chinese imports into the United States by 45%. [33] Trump frequently criticized the North American Free Trade Agreement , calling it "the worst trade deal the U.S. has ever signed". [ 34 ]
Tax rate cuts usually refer to reductions in the percentage of tax paid on income, goods and services. As they leave consumers with more disposable income, tax cuts are an example of an expansionary fiscal policy. Tax cuts also include reduction in tax in other ways, such as tax credit, deductions and loopholes. [1]
Economic policy of the second Donald Trump administration Index of articles associated with the same name This set index article includes a list of related items that share the same name (or similar names).
Signed into law on January 1, 2018 by President Donald Trump, the Tax Cuts and Jobs Act (TCJA) made significant changes to individual and business tax code.
The 2017 Tax Cuts and Jobs Act (TCJA) made huge permanent cuts to corporate and business taxes while making temporary cuts to individual taxes to limit the bill’s expansionary effects on the ...