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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.
Its taxation aspects included a payroll tax cut of 2%, health care tax credits, a $400 reduction in income taxes for individuals and improvements to child tax credits and earned income tax credits. To prevent the fiscal cliff in 2013, Obama extended the Bush tax cuts on incomes below $400,000 for individuals and $450,000 for married couples.
The Tax Cuts and Jobs Act of 2017 made major changes to individual and business tax code, particularly as pertains to deductions, depreciation, tax credits and expenses. For businesses, many of ...
The "Bush Tax Cuts," which are the popularly known names of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 passed during President George W. Bush's first term, reduced the top marginal income tax rate from 38.6% [41] (annual income at $382,967+ adjusted for inflation ...
Those income tax cuts resulted in a 1% to 4% reduction in all but the lowest of the seven tax brackets imposed under the current IRS regime. If Congress does not pass a law to extend the reduction ...
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 tax cuts popularized the now infamous phrase "trickle-down economics" as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts. The first tax cut (Economic Recovery Tax Act of 1981) among other things, cut the highest personal income tax rate ...
3. Harris wants to scale up tax credits for families and first-time homebuyers, while Trump wants to create new tax breaks. Trump’s Tax Cuts and Jobs Act expanded the child tax credit (CTC) for ...