Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) is a congressional revenue act that amended the Internal Revenue Code of 1986. It reduced tax rates for corporations and individuals, increased the standard deduction and family tax credits, and eliminated personal exemptions. The act also limited deductions for state and local income taxes and property taxes, and reduced the penalty for violating the individual mandate of the Affordable Care Act to $0. Many of the individual income tax cuts are scheduled to expire in 2025, while business tax cuts are set to expire in 2028. Studies have shown that the TCJA increased the federal debt and disproportionately benefited the most affluent, with a modest impact on economic growth and median wages.learn more on wikipedia