The Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 was a law that significantly changed the U.S. tax system. It lowered corporate tax rates to boost business investment, increased the standard deduction for individuals, and reduced some tax rates for individuals and families. It also limited or eliminated certain deductions, doubled the child tax credit, and aimed to simplify tax filings. The law intended to stimulate economic growth, create jobs, and increase wages, though its impacts on income inequality and federal revenue remain debated. Overall, it aimed to make the tax code more business-friendly and financially manageable for many Americans.