#TrumpTaxCuts

The act, providing for approval in accordance with sections II and V of the parallel resolution on the budget for the fiscal year 2018, is a revenue law of the United States Congress, initially presented to Congress as the Tax Cuts and Jobs Act (TCJA) which amended the Internal Revenue Code of 1986. In the media, this law is commonly referred to as Trump's tax cuts. Key elements of the changes include a reduction in tax rates for corporations and individuals, an increase in the standard deduction and family tax benefits, the elimination of personal exemptions, and a reduction in the benefit of itemized deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, a reduction of the alternative minimum tax for individuals and its repeal for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0. The New York Times described the TCJA as "the most sweeping tax reform in decades >>