The Tax Cuts and Jobs Act of 2017 was the largest overhaul of the federal income tax in
decades. The law changed deductions, exemptions, and tax rates for individuals, while
reducing taxes on businesses.
The Dodd Frank Act of 2010 (DFA) was designed to overcome the sources of excessive
leverage and systemic risk in the U.S. financial sector perceived to have created the Great
Financial Crisis of 2007–2008. Since then, considerable controversy has swirled around the efficacy of various components of the multifaceted act. Many have been critical of the Volcker Rule, while others have praised the elevation of capital ratios and the requirements for banks to undergo periodic stress tests. However, there has been mounting concern in the financial community, Congress, and the press over the negative impact of the DFA regulations on small banks and businesses.
Federal, state, and local governments seek to assist poor households financially using
transfers, minimum wage laws, and subsidies for important goods and services. This
“income-based” approach to alleviating poverty aims both to raise household incomes directly and to shift the cost of items, such as food, housing, or health care, to taxpayers. Most contemporary ideas to help the poor sit firmly within this paradigm