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It also introduced important tax cuts for individuals.
Many of the TCJAs tax reform benefits for businesses are permanent.
However, most of those geared toward individuals are set to expire at the end of 2025.
Forindividuals and families, this could have significant repercussions going forward.
The overarching goal of the TCJA was to stimulate economic growth and strengthen U.S. businesses.
Certain provisions for individuals are also temporary, whereas those for businesses dont have an expiration date.
For the most part, the TCJA simplified individual income taxes across all income thresholds.
Many people believe the tax law is heavily skewed toward the wealthy.
The following year, the Congressional Budget Office estimated the law wouldcost $1.9 trillionin that time.
Those making $1 million or more will pay 1% less in taxes.
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