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Tax cuts work well when state governments are flush with cash, such as during the post-COVID-19 pandemic period, when many states received federal government aid.
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 ...
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 ...
President Donald Trump mandated sweeping tax relief, especially for corporations and the rich, with his Tax Cuts and Jobs Act of 2017. Many cuts are set to expire at the end of this year.
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 ...
Extending Trump’s 2017 tax cuts would lower taxes by an average of $2,000 in 2026, according to an analysis by the Urban-Brookings Tax Policy Center. However, nearly half of the tax break ...
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).
The TCJA also doubled the standard deduction for most taxpayers, eliminating the need for most Americans to itemize their tax deductions. And the TCJA increased the popular child tax credit to ...