Dec 19, 2024Next year, nearly all of the individual provisions of the 2017Tax Cuts and Jobs Act (TCJA) will expire unless Congress acts. Congressional scorekeepers have estimated that fully extending the TCJA would cost $4.6 trillion over ten years. The Tax Policy Center has shown that, on average, all income groups would get a tax cut relative to current law, but higher-income households would receive a ...
Dec 30, 2024The Republican chair of the House's tax writing committee called on Congress to quickly extend President-elect Trump's 2017tax cuts as Senate GOP leaders plan to move first on border funding.
Dec 5, 2024The nonpartisan Congressional Budget Office projected Wednesday that extending provisions of the 2017 Trump-GOP tax law that are set to expire at the end of next year would shrink the U.S. economy over the long run, a finding that came as Republicans planned to move ahead with another round of regressive tax cuts within the first 100 days of the new Congress.
6 days agoIn 2017, a Republican-controlled Congress passed the TCJA. It was the largest tax code overhaul in nearly three decades. The law cut the corporate tax rate to 21%, doubled standard deductions, expanded the child tax credit and capped deductions for state and local taxes at $10,000.
Jan 11, 2025As Republicans prepare to extend the 2017 Trump-era tax cuts that are currently scheduled to expire at the end of the year — or make them permanent — a new analysis by the Treasury Department ...
Dec 11, 2024The 2017 law lowered taxes for many Americans and businesses, but it is set to sunset in early 2025 without action from Congress. Plans to extend the tax provisions in the 2017Tax Cuts and Jobs Act could create fresh inflation, higher interest rates and reduced growth, according to a post-election report from credit-rating agency Moody's.
Nov 12, 2024Extending Trump's 2017tax law Let's start with taxes. Nearly all of the provisions of the Tax Cuts and Jobs Act of 2017, which Congress passed and Trump signed into law in his first year in ...
Nov 24, 2024In addition to the top 1 percent receiving large tax cuts, the 2017 law delivered the largest average tax cut measured as a percentage of pre-tax income to households in the 95-99 th percentiles. The tax cut from the 2017 law amounts to 3.2 percent of their pre-tax income, on average (or nearly $13,000, on average).
Dec 4, 2024The 2017Tax Cuts and Jobs Act (TCJA) made huge permanent cuts to corporate and business taxes while making temporary cuts to individual taxes to limit the bill's expansionary effects on the ...
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