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The Trump administration predicted the tax cut would spur corporate capital investment and hiring. One year after enactment of the tax cut, a National Association for Business Economics survey of corporate economists found that 84% reported their firms had not changed their investment or hiring plans due to the tax cut. [177]
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]
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 .
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 ...
Trump took office at the height of the longest economic expansion in American history, [159] which began in 2009 and continued until February 2020, when the COVID-19 recession began. [160] In December 2017, Trump signed the Tax Cuts and Jobs Act of 2017.
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 ...
Donald Trump was elected as President of the United States in the November 8, 2016 election, campaigning for the Republican Party on a platform of tax cuts and projects like the Mexican border wall. During his campaign, Trump promised to cut federal spending and taxes for individuals and corporations.
Signed into law Dec. 22, 2017, the Tax Cuts and Jobs Act (TCJA) -- informally known as the Trump tax cuts -- contained a number of changes to individual tax rates that are set to expire after 2025....