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U.S. President Donald Trump will deliver remarks on the Tax Cuts and Jobs Act of 2017 as the tax code overhaul marks its six-month anniversary.
The act, which went into effect Jan. 1, was created to reduce tax rates for businesses and individuals by repealing part of the Affordable Care Act and amending the Internal Revenue Code. In effect, it cut the corporate tax rate, eliminated scores of smaller deductions and shrunk the number of individual tax brackets.
The overhaul, proposed by House Republicans in November 2017, also aimed to repeal the estate tax in the next six years as well as cuts a popular mortgage interest deduction in half.
Breaks for tax prep costs, investment fees and unreimbursed employee expenses were also eliminated.
While congressional Republicans and the Trump administration lauded the bill, Democrats feared that the strict bracketing and eliminating breaks would hurt the middle class.
Overhauling the tax code was a major focus for both the White House and congressional Republicans after failing to repeal Obamacare last year.