To lower tax rates for hardworking Americans, we nearly doubled the standard deduction for everyone. Our massive tax cuts provide tremendous relief for the middle class and small businesses. Just as I promised the American people from this podium 11 months ago, we enacted the biggest tax cuts and reforms in American history. Critics said that was unlikely, and liberals predicted that companies would mostly just return their gains to shareholders in the form of buybacks and dividends.2016 Republican nominee for President 2000 Reform Primary Challenger for Presidentĭoubled standard deduction for all average $2000 tax cut Many, including Treasury Secretary Steve Mnuchin and Senate Majority Leader Mitch McConnell, went so far as to claim the bill would spur enough growth to pay for itself. The bill’s conservative backers argued that lowering corporate taxes would turbo-charge business investment, boosting the country’s GDP and eventually leading to higher wages for workers. The cost was initially estimated at almost $1.5 trillion over a decade, and the projected price tag has only increased to about $1.9 trillion since it was enacted.Īll of this was done in the name of economic growth. The legislation slashed rates on corporations and individuals while rejiggering the country’s system of international taxation. One year ago this week, Congress passed the Tax Cuts and Jobs Act, the Republican Party’s single most significant domestic policy accomplishment under the Trump administration. The Glorious and Mysterious Burger Joint That Could Be Coming to Your Town The Most Disturbing Things Fast-Food Companies Have Ever Made Americans Should Feel Humiliated by How Good Canadian McDonald’s Is
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