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The Trump tax cuts passed in the 2017 Tax Cuts and Jobs Act (TCJA) did grow the economy by 0.3 percent in the year after they were passed, according to the Congressional Budget Office.
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.
The New York Times reported in August 2019 that: "The increasing levels of red ink stem from a steep falloff in federal revenue after Mr. Trump's 2017 tax cuts, which lowered individual and corporate tax rates, resulting in far fewer tax dollars flowing to the Treasury Department. Tax revenues for 2018 and 2019 have fallen more than $430 ...
“Assessing the Trump administration’s tax cuts from an economic standpoint is crucial when considering the middle class in key states,” said Hector Castaneda, CPA, principal at Castaneda CPA ...
Significantly, it also cut the highest tax rate from 39.6% to 37% and applied to it those earning over $500,000 a year, rather than around $427,000 (and $600,000 for couples, up from around $480,000).
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.
Tax cuts that went into effect during the Trump administration are due to expire at the end of 2025, which isn't exactly right around the corner but isn't in the far-distant future, either. A lot ...
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]