The decision of the 115th Congress under the #Trump administration to approve the Tax Cuts and Jobs Act (TCJA) proved to be one of the best decisions for the economy of the United States in recent times. It boosted the American economy to an unprecedented level. A reduction in the tax rate on those who make more than $418,000 a year created an infusion into the economy and soared capital investments to new heights. Business investments create trickle-down effects that positively impact Americans earning at all levels. Businesses that pay fewer taxes have more income to create jobs or give employees raises. Additionally, under the republican approved bill, 82% of middle-class families received benefits that reduced their tax burden to levels lower than before the TCJA.  

The aforementioned business tax reductions extend from small businesses to large ones. The success of small businesses in America have far reaching impacts, but most importantly, they are the backbone of the economy. Under the TCJA, businesses have been able to increase the flow of money back into their businesses and their employees, further putting more money in the hands of employees. Employees succeed when their business succeeds, and this republican tax plan focused on helping businesses succeed.

The simplified tax plan supported by the #TCJA is geared towards getting more money in the hands of Americans as a means of growing the economy. An increase in the child tax credit and a decrease to the tax rate for inheritance means that the influx of capital people will receive during tax season can be reinvested in the country. This reinvestment surges the economy, creating a cyclical effect of businesses earning even more money which can then be reinvested in and infused back into the economy.

Further implementation of the TJCA will help businesses flourish, create more jobs, put more money in the hands of Americans, and further simplify the tax policy for easy filing. When it comes to a tax policy that will benefit Americans of all socio-economic statuses, the Tax Cuts and Jobs Act has risen to the occasion. For the long-term benefit of Americans, the TCJA should remain in place and be extended past its original implementation dates.