In December of 2017, the US Government signed the Tax Cuts and Jobs Act (TCJA) into law. The TCJA had four goals; tax relief for middle-income families, simplification for individuals, economic growth and repatriation of oversea income. For individuals, It cut individual income tax rates, doubled the standard deduction, eliminated personal exemptions and capped state and local itemized deductions.For businesses, the top tax rate for businesses was reduced from 35% to 21%. How do you think reduced taxes can increase growth in the US? Do you think the US government may realize more tax revenue because of the growth?

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Reduced taxes can potentially stimulate economic growth in several ways First lower taxes leave indi... View the full answer