Question
In 2018, Congress overhauled the United States Tax code with The Tax Cut and Job ACT (TCJA). The TCJA lowered the tax bracket for everyone
In 2018, Congress overhauled the United States Tax code with The Tax Cut and Job ACT (TCJA). The TCJA lowered the tax bracket for everyone for 10 years. Significant changes to the tax code for individuals were lowered tax brackets and higher standard deductions. Hence, fewer individuals will have to itemize their returns. However the Corporation and business tax cuts are permanent. Do you think these types of Corporate tax cuts increase wages and have positive impact on the economy? Also, do you think these types of individual tax cuts will become permanent in the future? Do you think the government will take in more revenue due to a stronger economy even though it will be less per person?
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