Spring has sprung, and the season of hope is resonating throughout the economy. After suffering a 3.5 percent contraction in 2020 – the steepest since demobilization in 1946 – real GDP is poised to surge as much as 7 percent this year, which would rival the largest annual gains since World War II. The widely dismissed V-shaped recovery that most economists thought would not follow last year’s dispiriting pandemic recession is well underway. Indeed, the economy is on track to make up all of the output losses by this summer – six quarters from the pre-pandemic peak in GDP. That would be remarkably fast compared to the last recovery, when it took 14 quarters for GDP to recover all of its recession losses. March 2021 Economic and Financial Digest
The Tax Cuts and Jobs Act (TCJA) of 2017 represented a pivotal moment in U.S. fiscal policy, primarily aimed at overhauling the corporate tax system.