TCJA
Government & Politics abbreviation · US Law
| Stands for | Tax Cuts and Jobs Act |
|---|---|
| Categories | Government & Politics |
TCJA stands for Tax Cuts and Jobs Act, a US law abbreviation.
Tax law of December 2017 that cut the corporate tax rate from 35 percent to 21 percent, lowered individual income tax rates, nearly doubled the standard deduction, capped the deduction for state and local taxes at $10,000 and created a 20 percent deduction for pass-through business income.
Example: Because of the TCJA, most households now take the standard deduction instead of itemizing.
Usage notes
President Donald Trump signed it on December 22, 2017. Its corporate rate cut was permanent, but most individual provisions were scheduled to expire after 2025. The One Big Beautiful Bill Act of 2025 made most of those individual provisions permanent. It also reduced the individual mandate penalty under the ACA to zero.
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