Tax Cuts and Jobs Act of 2017

Tax Cuts and Jobs Act

Full title	An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018.
Acronym	TCJA
Colloquial name(s)	GOP Tax Reform; Trump Tax Cuts
Introduced in	115th United States Congress
Introduced on	November 2, 2017
Citations
Public Law	115-97
Effects and codifications
Act(s) affected	Internal Revenue Code of 1986
Agencies affected	Internal 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 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

Public Law no. 115-97, the Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, originally introduced in the House of Representatives as the Tax Cuts and Jobs Act (TCJA), is a law passed by the United States Congress that amended the Internal Revenue Code of 1986. It is based on tax reform advocated by congressional Republicans and the Trump administration. Major elements include reducing tax rates for businesses and individuals; a personal tax simplification by increasing the standard deduction and family tax credits, but eliminating personal exemptions and making it less beneficial to itemize deductions; limiting deductions for state and local income taxes (SALT) and property taxes; further limiting the mortgage interest deduction; reducing the alternative minimum tax for individuals and eliminating it for corporations; reducing the number of estates impacted by the estate tax; and repealing the individual mandate of the Affordable Care Act (ACA).

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 billion in net benefits (i.e. net tax cuts offset by reduced healthcare subsidies) over 10 years, while corporations would receive around $320 billion in benefits. The individual and pass-through tax cuts fade over time and become net tax increases starting in 2027, while the corporate tax cuts are permanent. This enabled the Senate to pass the bill with only 51 votes, without the need to defeat a filibuster, under the budget reconciliation process.

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