Authors:

  • Gabriel Chodorow-Reich

Excerpt

August 5, 2024, Paper: "The Tax Cuts and Jobs Act (TCJA) of 2017 significantly overhauled the U.S. tax code, primarily by reducing the corporate tax rate from 35% to 21% and lowering individual tax rates across most income brackets. It also increased the standard deduction while eliminating personal exemptions and limiting deductions for state and local taxes. Additionally, the TCJA introduced measures to encourage repatriation of overseas profits and included provisions aimed at simplifying the tax filing process for many taxpayers."