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Tax Cuts and Jobs Act

Tax Cuts and Jobs Act
Great Seal of the United States
Long titleAn Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018
Acronyms (colloquial)TCJA
NicknamesTax Cuts and Jobs Act
GOP tax reform
Trump tax cuts
Cut Cut Cut Act[1]
Enacted bythe 115th United States Congress
EffectiveJanuary 1, 2018
Citations
Public law115–97
Statutes at Large131 Stat. 2054
Codification
Acts affectedInternal Revenue Code of 1986
Agencies affectedInternal Revenue Service
Legislative history
  • Introduced in the House of Representatives as H.R. 1 by Kevin Brady (R–TX) on November 2, 2017
  • Committee consideration by House Committee on Ways and Means; passed committee on November 9, 2017, as "Tax Cuts and Jobs Act" (24–16)
  • Passed the House of Representatives on November 16, 2017 (227–205)
  • Passed the Senate as the Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018. on December 2, 2017 (51–49)
  • Reported by the joint conference committee on December 15, 2017; agreed to by the Senate on December 20, 2017 (51–48) and by the House of Representatives on December 19, 2017 and December 20, 2017 (227–203 224–201)
  • Signed into law by President Donald Trump on December 22, 2017
United States Supreme Court cases

The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,[2] Pub. L.Tooltip Public Law (United States) 115–97 (text) (PDF), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA),[3][4] that amended the Internal Revenue Code of 1986. The legislation is commonly referred to in media as the Trump tax cuts, as it was a key agenda piece of the Trump adminstration. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0.[5][6] The New York Times has described the TCJA as "the most sweeping tax overhaul in decades".[7]

The U.S. House of Representatives passed the penultimate version of the TCJA on December 19, 2017. The Senate passed the final bill, 51–48, on December 20, 2017. On the same day, a re-vote was held in the House for procedural reasons; the bill passed, 224–201. The bill was signed into law by President Donald Trump on December 22, 2017. Most of the changes introduced by the bill went into effect on January 1, 2018, and did not affect 2017 taxes.[8]

Supporters argued that the law would increase GDP growth, increase levels of business investment, increase wage and salary income for households, that the tax cuts would pay for themselves, and that the law would simplify tax codes.[9][10][11][12] Opponents argued that the law would result in adverse impacts, including a higher budget deficit,[13] higher trade deficit,[14] greater income inequality,[15][16] and lower healthcare coverage and higher healthcare costs,[17] and a disproportionate impact on certain states and professions.[18][19] Critics also argued that advocates misrepresented the law.[20][21] Some of the reforms enacted by the Republicans have become controversial (particularly the $10,000 cap on state and local tax deductibility) and were challenged in federal court[22] before being upheld.[23]

Many tax cut provisions contained in the TCJA, notably including individual income tax cuts, are scheduled to expire in 2025;[24] however, its corporate tax cuts are permanent. The CBO estimated that implementing the Act would add an estimated $2.289 trillion to the national debt over ten years,[25] or about $1.891 trillion after taking into account macroeconomic feedback effects.[26] According to Bloomberg, the Act has simplified the tax code for some, but not others; has lowered corporate debt; has led investment to temporarily increase before declining; and has brought money back from overseas without bringing back business activity.

  1. ^ Graham, David A. (November 1, 2017). "The 'Cut Cut Cut Act' Is Effective Branding". The Atlantic.
  2. ^ "H.R.1 – An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018." Congress.gov. December 22, 2017. Retrieved December 29, 2017.
  3. ^ Watkins, Eli. "Senate rules force Republicans to go with lengthy name for tax plan". CNN. Retrieved December 20, 2017.
  4. ^ Tax Cuts and Jobs Act of 2017#Name of the law
  5. ^ "Reconciliation Recommendations of the Senate Committee on Finance". Congressional Budget Office. November 26, 2017. Retrieved July 9, 2018.
  6. ^ United States. Congress. Joint Committee on Taxation (2018). General Explanation of Public Law 115-97. Washington, D.C.: U.S. Government Publishing Office. Retrieved December 19, 2018.
  7. ^ Kaplan, Thomas (December 20, 2017). "House Gives Final Approval to Sweeping Tax Overhaul". The New York Times.
  8. ^ Pullen, John Patrick (December 20, 2017). "Here's When the GOP Tax Reform Bill Will Take Effect". Fortune. Retrieved December 23, 2017.
  9. ^ Cite error: The named reference :2 was invoked but never defined (see the help page).
  10. ^ Cite error: The named reference :9 was invoked but never defined (see the help page).
  11. ^ Cite error: The named reference :10 was invoked but never defined (see the help page).
  12. ^ Cite error: The named reference VinikSimplify was invoked but never defined (see the help page).
  13. ^ "House Passes Historic Debt Increase". November 16, 2017. Retrieved July 9, 2018.
  14. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
  15. ^ Cite error: The named reference Vox_Inequality was invoked but never defined (see the help page).
  16. ^ Cite error: The named reference NYT_Kingmakers was invoked but never defined (see the help page).
  17. ^ "The Senate's tax bill is a sweeping change to every part of federal health care". November 29, 2017. Retrieved July 9, 2018.
  18. ^ Frum, David (December 21, 2017). "Republicans Exact Their Revenge Through a Tax Bill". The Atlantic. Retrieved July 9, 2018.
  19. ^ Konish, Lorie (December 3, 2017). "Why states like New York, New Jersey and California could get hammered by the new tax bill". CNBC. Retrieved July 9, 2018.
  20. ^ Cite error: The named reference Summers1 was invoked but never defined (see the help page).
  21. ^ Cite error: The named reference Krugman_Everybody was invoked but never defined (see the help page).
  22. ^ Kelly, Stephanie (January 26, 2018). "New York, New Jersey, Connecticut to sue over federal tax law". Reuters. Retrieved July 9, 2018.
  23. ^ "Federal Court Dismisses States' Challenge to SALT Deduction Cap". Thomson Reuters. October 1, 2019. Retrieved April 26, 2020.
  24. ^ Floyd, David. "Explaining the Trump Tax Reform Plan". Investopedia. Retrieved December 5, 2020.
  25. ^ "CBO-Appendix B: The Effects of the 2017 Tax Act on CBO's Economic and Budget Projections, page 129" (PDF).
  26. ^ "The Budget and Economic Outlook: 2017 to 2027". Congressional Budget Office. January 24, 2017. Retrieved July 9, 2018.

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