Reference no: EM131908268

Tax cuts and Jobs Acts was a law that was passed by Congress and signed into law by President Donald Trump (Donaldson, 2018). The reason for the enactment of the bill was to ensure that a myriad of changes was made to the taxes in America. Tax experts and economists have noted on the advantages of the bill. The president had in passing tax law said that he had wanted to give the American people a large tax cut. The president passed the bill on 22 December 2017. The bills concentrate on reducing the taxes that businesses and individuals pay. The motive of passing the bill was to stimulate the economy and increase employment. Though the bill proposes for cuts, there is the danger of a deficit because of the reduction in taxes. The reductions and the corresponding deficits further are predicted to reduce over time. The tax affects individuals, but some of the provisions expire in 2025 onwards. The implementation of the law was thus to promote employment in the country and ensure that employment is greatly dealt with.

What does it mean that some of the provisions expire in 2025? I'm a bit confused about that, can you please explain this to me?