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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.
Signed into law on January 1, 2018 by President Donald Trump, the Tax Cuts and Jobs Act (TCJA) made significant changes to individual and business tax code. Signed into law on January 1, 2018 by ...
The Tax Cuts and Jobs Act (TCJA)—passed in 2017 during the first Trump administration—wasn't really a tax cut in practice. It ended up functionally raising taxes on a lot of people.
They were enacted by Trump through the Tax Cuts and Jobs Act (TCJA) of 2017. ... up from the 21% put in place through the TCJA. Harris also proposed increasing taxes on high-income people, raising ...
Although the AMT was originally enacted to target 155 high-income households, it grew to affect 5.2 million taxpayers each year by 2017, raising $36.2 billion, or 2.4% of federal income tax revenue. The passage of the TCJA for tax year 2018, reduced the affected number to about 0.1% of all taxpayers.
The TCJA was signed and enacted, which reduced the corporate tax rate from 35% to 21%, encouraging more companies to choose to be taxed as C-corporations and potentially benefit from the QSBS tax exemptions. [14]
The TCJA lowered income tax rates for all individuals but more significantly for high-income earners. The top marginal tax rate was reduced to 37 percent from 39.6 percent.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JGTRRA", Pub. L. 108–27 (text), 117 Stat. 752), was passed by the United States Congress on May 23, 2003, and signed into law by President George W. Bush on May 28, 2003. Nearly all of the cuts (individual rates, capital gains, dividends, estate tax) were set to expire after 2010.