The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub. L.Tooltip Public Law 115–97 (text) (PDF), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. The legislation is commonly referred to in media as the Trump tax cuts, as it was a key agenda piece of the Trump administration. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0. The New York Times has described the TCJA as "the most sweeping tax overhaul in decades".
US Federal marginal income tax rates: comparison of 2018, 2017, 2016 rates for individual and married filers
President Trump and Vice President Pence celebrate the passage of the Tax Cuts Acts with Republican lawmakers at a press conference outside the White House.
Senator Tammy Duckworth and then House Minority Leader Nancy Pelosi press conference opposing the bill in 2017.
Presidency of Donald Trump
Donald Trump's tenure as the 45th president of the United States began with his inauguration on January 20, 2017, and ended on January 20, 2021. Trump, a Republican from New York City, took office following his Electoral College victory over Democrat nominee Hillary Clinton in the 2016 presidential election, in which he lost the popular vote to Clinton by nearly three million votes. Upon his inauguration, he became the first president in American history without prior public office or military background. Trump made an unprecedented number of false or misleading statements during his campaign and presidency. His presidency ended following his defeat in the 2020 presidential election to former Democratic vice president Joe Biden, after one term in office.
Presidency of Donald Trump
Presidency of Donald Trump
Outgoing President Barack Obama and President-elect Donald Trump in the Oval Office on November 10, 2016
Donald Trump's official portrait before his swearing in ceremony