Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 was a major piece of legislation that significantly altered the U.S. tax code. It included provisions for both businesses and individuals, aiming to stimulate economic growth and investment. The act lowered the corporate tax rate, provided tax breaks for businesses, adjusted individual tax brackets, increased the child tax credit, and included provisions beneficial to wealthy taxpayers. The act's effectiveness in achieving its goals is a subject of ongoing debate.

Tax Policy

Tax policy refers to the government's approach to levying taxes on individuals and businesses. It encompasses the principles, rules, and regulations that govern the taxation system. Tax policy decisions have a significant impact on the economy, influencing investment, consumption, and income distribution. The debate over tax policy often centers on issues such as fairness, efficiency, and the role of government in the economy.

Corporate Tax Rate

The corporate tax rate is the percentage of a corporation's profits that is paid to the government in taxes. The corporate tax rate can influence a company's investment decisions, profitability, and competitiveness. Lowering the corporate tax rate is often seen as a way to stimulate business investment and economic growth. However, it can also lead to reduced government revenue and potentially exacerbate income inequality.

Child Tax Credit

The child tax credit is a tax break for families with children. It provides a tax deduction or a direct payment to families based on the number of children they have. The child tax credit is intended to help families with the costs of raising children and to reduce child poverty. The size and eligibility requirements of the child tax credit can vary depending on the specific tax laws in place.

Federal Deficit

The federal deficit is the difference between the amount of money the U.S. government spends and the amount of money it collects in revenue. A deficit occurs when spending exceeds revenue. The federal deficit can be influenced by factors such as government spending on programs, tax cuts, and economic conditions. A large and persistent deficit can lead to increased national debt, which can have negative consequences for the economy.

Donald Trump

Donald Trump is an American politician and businessman who served as the 45th president of the United States from 2017 to 2021. He is a controversial figure known for his outspoken views and business dealings. Trump's presidency was marked by significant political and social divisions, as well as a number of policy changes, including the Tax Cuts and Jobs Act of 2017.

Joe Biden

Joe Biden is an American politician who served as the 46th president of the United States from 2021 to 2025. He previously served as the 47th vice president under President Barack Obama from 2009 to 2017. Biden's presidency has been marked by a number of challenges, including the COVID-19 pandemic, the withdrawal of U.S. troops from Afghanistan, and the ongoing conflict in Ukraine.

Conservative Think Tank

A conservative think tank is a non-profit organization that conducts research and advocacy on issues related to conservatism. Conservative think tanks typically promote policies that emphasize limited government, free markets, individual liberty, and traditional values. Examples of conservative think tanks include the American Enterprise Institute, the Heritage Foundation, and the Cato Institute.

Progressive Think Tank

A progressive think tank is a non-profit organization that conducts research and advocacy on issues related to progressivism. Progressive think tanks typically promote policies that emphasize social justice, economic equality, environmental protection, and government intervention to address social problems. Examples of progressive think tanks include the Center for American Progress, the Center on Budget and Policy Priorities, and the Institute for Policy Studies.