H.R. 1 (Tax Cuts and Jobs Act)

H.R. 1, officially known as the Tax Cuts and Jobs Act, was a significant tax reform law passed in December 2017. It aimed to reduce tax rates for individuals and businesses, provide incentives for investment, and stimulate economic growth. Key features included lowering the corporate tax rate, increasing the standard deduction for individuals, and eliminating certain tax deductions. The law intended to encourage job creation and increase wages but sparked debates over its long-term impacts on the federal deficit and income inequality. Overall, it represented a major shift in U.S. tax policy.