Abstract
In late 2017, Congress passed the Tax Cuts and Jobs Act (“TCJA”)—the most comprehensive restructuring of the Tax Code in decades. The TCJA impacted both individuals and businesses, domestically and internationally. The TCJA was intended to boost the U.S. economy by encouraging corporate investment in a revenue-neutral way. Although the new provisions initially seemed promising, the TCJA has fallen short of its goals. This article focuses on the unintended consequences of the TCJA as it pertains to corporate behavior and the overall impact on the U.S. economy. Years after enactment, it is apparent that the changes to the Code allowed for more loopholes, further complicated an already complex tax system, provided a windfall to corporations and their shareholders, and contributed to an already significant U.S. budget deficit. Finally, this article previews potential changes to the Tax Code under the Biden administration and recommends specific reforms.
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