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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.
The TCJA of 2017 brought about major changes to the existing tax code. The overarching goal of the TCJA was to stimulate economic growth and strengthen U.S. businesses.
At the end of 2025, significant tax cuts are expiring that were passed under the Trump administration through the Tax Cuts and Jobs Act (TCJA), often called the Trump tax cuts. Unless a new law is ...
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 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.
Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...
The Tax Cuts and Jobs Act of 2017 (TCJA) balances things out for most taxpayers by restructuring the tax brackets. Currently and through 2025 when the TCJA expires unless Congress renews it, the income perimeters for all tax brackets except one are double those for single filers. [9] Assume a couple were each earning $91,000 annually in 2017.
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 ...