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tax reforms

Tax Reforms

How has tax reforms affected the American citizen?

On the 22ndof December 2017, US President Donald Trump signed the Tax cuts and Jobs Act into law. It was the first time in over three decades that tax laws had changed significantly. The new laws maintained the number of tax brackets at seven.The law doubled the standard deduction, cut individual income tax rates and completely waived personal exemptions. The National Retail Federation (NRF) was working behind the scenes to support Washington lawmakers in passing the bill.The NRF was of the opinion that the new tax code would inspire investment and mitigate retailers of financial hardship. Retail analysts from Nomura/Instinet Equity Researchers in New York agreed that for the longest time, retailers had been paying the highest average corporate tax rates.