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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.
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]
Trump did not pay for those tax cuts with spending cuts, ... and yet inflation remained under control until 2021. Trump now wants to extend his tax cuts when they expire at the end of 2025, to cut ...
President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working ...
For instance, the Treasury’s Office of Tax Analysis estimates that the top 0.1% of earners would get a tax cut of $314,000 under a full extension of the individual and estate tax provisions ...
Concerns about inflation helped send Trump back to the White House. Yet under his proposed policies, inflation could come roaring back. Inflation ticked up to 2.6% in October, its first increase ...
Near the end of the 100 days, the Trump administration introduced a broad outline of a sweeping tax reform focusing on deep tax cuts. Although Trump had to concede to delay funding for the U.S.–Mexico border wall he had promised, narrowly avoiding a government shutdown a few days before the end of the first 100 days. [5] [6]
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 ...