Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 was a major overhaul of U.S. tax laws aimed at boosting economic growth. It lowered individual and corporate tax rates, increased the standard deduction, and simplified some deductions. For businesses, it also reduced taxes on repatriated overseas profits and encouraged investment. The law sought to incentivize work, investment, and economic activity, while also increasing the deficit in the short term. It represented one of the most significant tax reforms in recent decades, impacting how individuals and businesses file taxes and plan their finances.