Thanks to the Tax Cuts and Jobs Act (TCJA), the big tax reform package passed in late 2017, 90 percent of middle-class families received a tax cut, and now new data shows that the bill is having another positive impact: saving millions of hours in time spent complying with the code. Individual taxpayers and businesses spent more than 8 billion hours this year preparing and filing their taxes. The good news is that this was 71 million hours less than last year, in part as a result of changes made in TCJA. Despite this modest improvement, there’s a long way to go before our tax system is as simple as Americans deserve.
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