Signed into law on January 1, 2018 by President Donald Trump, the Tax Cuts and Jobs Act (TCJA) made significant changes to individual and business tax code. It was the first major overhaul of tax ...
The expiration of Trump’s income tax cuts would mean higher taxes on individual income, thus “modestly” reducing labor supply, reads the analysis, which was published Wednesday. Yet the ...
Separately, some GOP lawmakers reportedly have talked about using the forthcoming package to extend their expiring 2017 tax cuts by four years rather than a longer period like 10 years.
“There were tax cuts in the first term, but some were eventually brought back because of the revenue problem,” Boti noted. “This shows that we need to focus on maximizing revenue generation.
This "fiscal cliff" is eight years in the making. The 2017 Tax Cuts and Jobs Act (TCJA) revamped both the federal corporate and individual income tax codes. But while the new, lower, corporate ...