Here are 4 ways President Trump's tax cuts changed the American economy | Analysis by lydiadepillis
Updated 1442 GMT April 15, 2019Monday is the first Tax Day under the new rules of the Tax Cuts and Jobs Act, but Americans have been adapting to the law since it passed in late 2017.
Some of its effects are already visible, and some of them will take months, or even years, to understand. After all, economists are still publishing studies about the effect of the last comprehensive tax overhaul back in 1986, signed by Ronald Reagan.Here's what we can — and can't — say about how President Donald Trump's tax cuts have impacted the economy so far. 1.
The same is true of the capped state and local tax deduction, which disproportionately hurt states with high tax burdens like New Jersey and California. So far, according to a report by Moody's Investor Service, there hasn't been any noticeable uptick in migration out of those states; many people move from one high-tax state to another. "Job opportunities and demographic trends influence migration more than tax rates," the report said.
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