Summary of The Tax Cuts and Jobs Act

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  • Analytical
  • For Experts
  • Comprehensive

Recommendation

In 2017, the United States enacted the Tax Cuts and Jobs Act, which delivers a number of changes for both corporations and individuals. While some cheered the legislation, others took elected officials to task for potentially unleashing significant deficits and creating an even greater fiscal debt burden. Count tax professionals Benjamin H. Harris and Adam Looney among this camp of dissenters in their precise examination of tax-cut effects on the US economy. getAbstract suggests this detailed, comprehensive report to executives and taxpayers.

About the Authors

Benjamin H. Harris is a visiting associate professor at the Kellogg School of Management. Adam Looney is a senior fellow at the Brookings Institution.

 

Summary

The US Tax Cuts and Jobs Act (TCJA) of 2017 promised significant reforms. For corporate filers, the top rate fell from 35% to 21%, and changes included immediate expensing of capital expenditures, a territorial international system and a write-off for “pass-through” businesses. For individual taxpayers, the plan made temporary cuts to tax rates through 2025, reduced limits for itemized deductions and tax credits, hiked the exemption for the Alternative Minimum Tax, and removed the health insurance individual mandate. Experts forecast the legislation will increase GDP by less than 1% over a 10-year window. ...


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