The Tax Cuts and Jobs Act (TCJA) was legislation that was passed in 2017. Some of its effects:
- cut the corporate tax rate from 35% to 21%
- lowered individual tax brackets slightly through 2026
- almost doubled the standard deduction through 2026
- suspended personal exemptions through 2026
- increased the Child Tax Credit from a non-refundable amount of $1,000 to $2,000 ($1,400 of it being refundable, while $600 is not)
- Section 199A created the qualified business income (QBI) deduction
