Analysis of the 2017 Tax Cuts and Jobs Act
The most sweeping update to the U.S. tax code in more than 30 years.
by Adam Michel
The Heritage Foundation
December 22, 2017
Summary
The 2017 Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years. The recently released bill would lower taxes on businesses and individuals and unleash higher wages, more jobs, and untold opportunity through a larger and more dynamic economy. The bill includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state and local tax deduction, full expensing for five years, and lower individual tax rates. The conference report is a serious effort to reform a complex and badly broken system and provides significant tax relief to the vast majority of taxpaying Americans.
Analysis
The Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years. The reforms will greatly simplify taxpaying for many individual Americans, lower taxes on individuals and businesses, and update the business tax code so that American corporation…
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