Trump Tax Cuts Results, Part Two: Fairer Taxes

October 6, 2020 — Blog   

The Tax Cuts and Jobs Act, championed by President Trump and congressional Republicans, spurred a boom in economic growth that took Americans off the sidelines and got them back to work. Thanks to these reforms, our economy doesn’t have to strain under a tax code from 1986, but will recover with a modern, dynamic tax code that promotes growth.

FAIRER TAXES

What TCJA Did: 

  • Simplified that tax filing process for millions of workers.
  • Eliminated the Alternative Minimum Tax for most taxpayers.
  • Expanded popular savings tools, like 529 accounts.

How the Economy Responded: 

  • Millions of Hours Saved. Nearly nine out of 10 Americans took the standard deduction in 2019, no longer needing to go through the complicated process of itemizing.
  • Revenues Soared. Breaking dire predictions from experts, federal revenues reached an all-time high, due to more Americans working, bigger paychecks, and businesses expanding.

For a larger compilation of how the Tax Cuts and Jobs Act is helping all American workers and small businesses, including the information from this series, CLICK HERE.

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SUBCOMMITTEE: Select Revenue Measures