The Trump Tax Penalty and Its Impact on the Economy

The Tax Cuts and Jobs Act (TCJA) was signed into law by former President Donald J. Trump in 2017.The law took effect on January 1, 2018.The law permanently cut the corporate tax rate to 21% and temporarily lowered individual tax rates. Evidence in this paper will demonstrate how an older married couple on Social Security and a modest pension actually incurred higher federal income taxes during the years 2018- 2021 as a result of TCJA. Paying higher federal income taxes as a result of TCJA is the Trump Tax Penalty.

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Publication Details

Journal
Journal of Applied Business and Economics
Published
2024-10-12
DOI
https://doi.org/10.33423/jabe.v26i5.7293
Primary Topic
Corporate Taxation and Avoidance
Type
article
Field-Weighted Citation Impact
0.00
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article

The Trump Tax Penalty and Its Impact on the Economy

W. Terry Dancer
Journal of Applied Business and Economics
Corporate Taxation and Avoidance
article

The Trump Tax Penalty and Its Impact on the Economy

W. Terry Dancer
article en

Abstract

The Tax Cuts and Jobs Act (TCJA) was signed into law by former President Donald J. Trump in 2017.The law took effect on January 1, 2018.The law permanently cut the corporate tax rate to 21% and temporarily lowered individual tax rates. Evidence in this paper will demonstrate how an older married couple on Social Security and a modest pension actually incurred higher federal income taxes during the years 2018- 2021 as a result of TCJA. Paying higher federal income taxes as a result of TCJA is the Trump Tax Penalty.

Journal of Applied Business and EconomicsVol. 26(5)
Arkansas State University (US)
Openalex Percentile: Top 69%
Corporate Taxation and Avoidance
DOIOpen Access PDFOpenAlex
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The Trump Tax Penalty and Its Impact on the Economy — W. Terry Dancer · Journal of Applied Business and Economics (2024) | TGRS Research Map | TGRS