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. Most of the changes introduced by the bill went into effect on January 1, 2018, and did not affect 2017 taxes. The bill was signed into law by President Donald Trump on December 22, 2017. On the same day, a re-vote was held in the House for procedural reasons the bill passed, 224–201. The Senate passed the final bill, 51–48, on December 20, 2017. The House passed the penultimate version of the bill on December 19, 2017. The Senate was able to pass the bill with only 51 votes, without the need to defeat a filibuster, under the budget reconciliation process. Many tax cut provisions, especially income tax cuts, will expire in 2025, and starting in 2021 will increase over time by 2027 this would affect an estimated 65% of the population and in that same year the law's provisions are set to be fully enacted, but the 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, or about $1.891 trillion after taking into account macroeconomic feedback effects, in addition to the $9.8 trillion increase forecast under the current policy baseline and existing $20 trillion national debt. net tax cuts offset by reduced healthcare subsidies) over 10 years, while corporations would receive around $320 billion in benefits. The nonpartisan Congressional Budget Office (CBO) reported that under the Act individuals and pass-through entities like partnerships and S corporations would receive about $1.125 trillion in net benefits (i.e.
The Act is based on tax reform advocated by congressional Republicans and the Trump administration. 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 set the penalty enforcing individual mandate of the Affordable Care Act (ACA) at $0.
#Irss standard deduction 2017 code
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), that amended the Internal Revenue Code of 1986. The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub. Signed into law by President Donald Trump on December 22, 2017.Reported by the joint conference committee on Decemagreed to by the Senate on December 20, 2017 ( 51–48) and by the House of Representatives on Decemand December 20, 2017 ( 227–203 224–201).Passed the Senate as the An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.Passed the House of Representatives on November 16, 2017 ( 227–205).Committee consideration by House Committee on Ways and Means passed committee on November 9, 2017, as "Tax Cuts and Jobs Act" (24–16).1 by Kevin Brady ( R– TX) on November 2, 2017 Introduced in the House of Representatives as H.R.
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