The Tax Cuts and Jobs Act (TCJA), signed into law by President Trump at the end of 2017, includes provisions that dramatically cut taxes and provisions that offset a fraction of the revenue loss by eliminating or limiting certain tax breaks. Many of TCJA’s changes, including those benefiting ordinary families, expire at the end of 2025, whereas most of TCJA’s corporate tax changes are permanent.
This page includes estimates of TCJA’s effects in 2020. Most of the law’s benefits will go to the richest fifth of Americans, and a significant portion will go to foreign investors who own stocks in American companies and, therefore, benefit from the corporate tax cuts.
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At itep.org
At itep.org
