The Tax Cuts and Jobs Act – Lumen Student News

In our What’s That All About segment, we further explain the Tax Cuts and Jobs Act.

President Donald Trump’s tax plan was signed into law last month which will lower taxes for Americans, while providing tax reductions to corporations, and deductions for small business owners.

It is known as the Tax Cuts and Jobs Act, which was signed into law on Dec. 22. The bill passed by a party-line vote of 51 to 48 in the Senate, and 224 to 201 in the House – where, no House democrats supported the bill.

Why was Trump interested in drafting a tax bill? How does this help Americans and the economy?