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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.
The TCJA reduced this from 35% to 21%, and Trump recently pledged to lower it to 15%. He argues that additional tax cuts for businesses will spur job creation and boost the economy.
Amid the 1970s energy crisis, Congress passed the Revenue Act of 1978, which eliminated the deduction for state and local taxes on gasoline and motor vehicle fuel. [ 17 ] [ 20 ] The Tax Reform Act of 1986 disallowed sales taxes from being deducted, while the American Jobs Creation Act of 2004 gave taxpayers the option of deducting either state ...
The child tax credit under the Tax Cuts and Jobs Act of 2017. Top plateau would be higher for more children. Under the Tax Cuts and Jobs Act of 2017 (TCJA), for the years 2018–2025 (excluding 2021, see below section Temporary Expansion in 2021) the CTC allows taxpayers to reduce their federal tax liabilities by $2,000 per qualifying child (see Eligibility).
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.
Although the AMT was originally enacted to target 155 high-income households, it grew to affect 5.2 million taxpayers each year by 2017, raising $36.2 billion, or 2.4% of federal income tax revenue.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.
After 2025, dozens of provisions enacted by Trump via the Tax Cuts and Jobs Act, or TCJA, are scheduled to sunset, including lower federal income tax brackets, a bigger standard deduction, boosted ...