Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In December of 2017, the US Government signed the Tax Cuts and Jobs Act (TCJA) into law. The TCJA had four goals; tax relief for

In December of 2017, the US Government signed the Tax Cuts and Jobs Act (TCJA) into law. The TCJA had four goals; tax relief for middle-income families, simplification for individuals, economic growth and repatriation of oversea income. For individuals, It cut individual income tax rates, doubled the standard deduction, eliminated personal exemptions and capped state and local itemized deductions.For businesses, the top tax rate for businesses was reduced from 35% to 21%. How do you think reduced taxes can increase growth in the US? Do you think the US government may realize more tax revenue because of the growth?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Reduced taxes can potentially stimulate economic growth in several ways First lower taxes leave indi... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics

Authors: Robert Carbaugh

18th Edition

0357518918, 978-0357518915

More Books

Students also viewed these Economics questions