The Tax Cut and Jobs Act, 2017 The changes made by the Tax Cut and Jobs Act, 2017 to the tax provisions have changed tax rate for 2018 and people are getting a first hand experience of what it means to them. Go over the Act and address the questions below

The Tax Cut and Jobs Act, 2017 The Tax Cut and Jobs Act implement tax reforms to the U.S. tax code, which has been in existence for more than 30 years. The changes outlined emphasize tax reduction for American citizens and businesses. There are also updated tax codes ensuring that American corporations and their workers become globally competitive once again. The new reforms promise increased wages, new jobs creation, and increased opportunities by creating a vibrant and broader economy. The TCJA's pro-growth segments include significant tax rate reductions, state and local tax deductions, individual's tax rate deduction, and temporary full expensing. The TCJA revokes Obamacare's mandate, college saving accounts expansion, and intensifies credits and non-growth-boosting tax reduction. As such, the new reforms have major impacts on the government budget and GDP personal and groups expectations.