Tax Cuts and Jobs Act

Uncommon card · No. 101414

The Tax Cuts and Jobs Act (Pub. L. 115–97 (text) (PDF)), is a United States federal law that amended the Internal Revenue Code of 1986, and also known as the Trump Tax Cuts, but officially the law has no short title, with that being removed during the Senate amendment process. The New York Times described the TCJA as "the most sweeping tax overhaul in decades". Studies show that the TCJA worsened federal debt and increased after-tax incomes, disproportionately raising incomes for the most affluent. It led to an estimated 11% increase in corporate investment, but its effects on economic growth and median wages were smaller than expected and modest at best. Major elements of the changes include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage...

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