Avery P. answered 04/23/20
Passionate Tutor and Teacher in American History and Government
One of the most significant pieces of legislation that became law within the past five years was the Tax Cuts and Jobs Act of 2017. This bill changed a 30 year long tax code system by reducing the individual and corporate tax rates, with the intention of expanding the American economy. The first provisions of the bill was introduced in the House of Representatives in the Summer of 2017, which led to a series of other provisions and amendments that were either approved or rejected throughout the process. There were months of debate between the two parties and ideas that were introduced to expand the bill and simplify the tax code for every American. After months of debate, the final law was passed in December 2017 by President Trump and a Republican Congress that reduced the tax brackets for every individual and reduced the corporate tax rate from 35% to 21%.