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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.
Its taxation aspects included a payroll tax cut of 2%, health care tax credits, a $400 reduction in income taxes for individuals and improvements to child tax credits and earned income tax credits. To prevent the fiscal cliff in 2013, Obama extended the Bush tax cuts on incomes below $400,000 for individuals and $450,000 for married couples.
During President Trump's first term, he overhauled the tax code with his 2017 Tax Cuts and Jobs Act (TCJA). Many of those provisions are set to expire at the end of 2025. Read Next: 7 Tax Loopholes...
WASHINGTON (Reuters) -A controversial plan by U.S. Senate Republicans to make President Donald Trump's 2017 tax cuts permanent by ignoring the cost to the deficit is raising warnings from party ...
In the last tax cut proposal, Evers kept a tax cut for Wisconsin’s bottom two tax brackets, but vetoed the rest of the cut, calling a tax cut for millionaires.
The tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts. The first tax cut (Economic Recovery Tax Act of 1981) among other things, cut the highest personal income tax rate ...
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