The Trump Tax Penalty and Its Impact on the Economy
DOI:
https://doi.org/10.33423/jabe.v26i5.7293Keywords:
business, economics, taxes, tax policy, itemized deductions, tax changesAbstract
The Tax Cuts and Jobs Act (TCJA) was signed into law by former President Donald J. Trump in 2017.The law took effect on January 1, 2018.The law permanently cut the corporate tax rate to 21% and temporarily lowered individual tax rates. Evidence in this paper will demonstrate how an older married couple on Social Security and a modest pension actually incurred higher federal income taxes during the years 2018- 2021 as a result of TCJA. Paying higher federal income taxes as a result of TCJA is the Trump Tax Penalty.
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