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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.
The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through: Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
In 2020, U.S. GDP shrunk by 3.5%, an economic contraction caused by the devastation of the COVID-19 pandemic, making 2020 the worst year for economic growth since 1946 (when the U.S. was demobilizing from World War II) and the first year that the U.S. had an annual decrease in GDP since 2009 (when the U.S. suffered from the Great Recession). [244]
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 ...
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.
The tax cuts enacted by this legislation were retroactive to January 1, 2003, and first applied to taxes filed for the 2003 tax year. These individual rate reductions are scheduled to sunset on January 1, 2011, along with the Economic Growth and Tax Relief Reconciliation Act of 2001 unless further legislation is enacted to extend or make ...
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 ...