Sunday is the seven-year anniversary of the Tax Cuts and Jobs Act, a landmark piece of legislation that contributed to historic economic prosperity under the first Trump administration.
In December 2017, a Republican Congress passed and President Donald Trump signed this package of sweeping reforms into the U.S. tax code, both for individual filers and corporations. Next year, Congress and Trump are poised to renew the expiring provisions of the law as well as add additional reforms.
The Tax Cuts and Jobs Act cut income tax rates for workers at every level and nearly doubled the standard deduction, shielding more income from taxation. It expanded the child tax credit and preserved other popular tax benefits like the deductions for mortgage interest and charitable deductions, among others.
Tyler Cowen, an economics professor at George Mason University, reported in…
