President Trump’s “Tax Cuts and Jobs Act”
President Trump signed the “Tax Cuts and Jobs Act” into law on Dec. 22, as noted and summarized from a report by Investopedia. The Senate passed the bill on Dec. 20 by a party-line vote of 51 to 48. The House passed the bill later in the day by a vote of 224 to 201. No House Democrats supported the bill, and 12 Republicans voted no, most of them representing California, New York and New Jersey. (Taxpayers who itemize and rely on the state and local tax deduction in these high-tax states will have their state and local tax deductions capped at $10,000 or $5,000 if Married Filing Separate). Generally speaking, some are concerned that this overhaul is forecasted to raise the federal deficit by a significant amount, while others say the tax cuts will significantly boost the economy and produce growth across many industries.