when did the tax cuts and jobs act pass
December 20 , 2017
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was "absurd on its face." On December 20, 2017, the day the final bill was passed by the House, Wells Fargo, Fifth Third Bancorp and Western Alliance Bancorp announced they would raise the minimum wage of its workers to $15 an hour upon signing of the bill. A number of companies announced bonuses for workers, including AT&T which said it will give a $1,000 bonus to every single one of its 200,000 employees as a result of the Tax Cut bill. Democratic Senator Chuck Schumer stated that these were the exception to the rule and that AT&T was in litigation
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corporations would receive around $320billion in benefits. The CBO estimates that implementing the Act would add an estimated $2.289trillion to the national debt over ten years, or about $1.891trillion after taking into account macroeconomic feedback effects, in addition to the $9.8trillion increase forecast under the current policy baseline and existing $20trillion national debt. 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
Tax Cuts and Jobs Act of 2017
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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 Act is based on tax reform advocated by congressional Republicans and the Trump administration. The nonpartisan Congressional Budget Office (CBO) reported that under the Act individuals and pass-through entities like partnerships and S corporations would receive about $1,125billion in net benefits (i.e. net tax cuts offset by reduced healthcare subsidies) over 10 years, while
Tax Cuts and Jobs Act of 2017
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tax cuts were rolled back to 2013 levels. By 2017, pass-through businesses earned the "majority of business income" in the United States and "owners of S-corporations and partnerships now earn about half of all income from businesses." According to a September 2017 article in the "New York Times", about "95 percent of companies in the United States are structured as pass-through entities, generating the bulk of the government’s tax revenues." On December 2, 2017 the U.S. Senate passed a tax overhaul bill as part of the proposed Tax Cuts and Jobs Act of 2017 that reduced taxes on pass-through business
Flow-through entity
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are incorporated as pass-through entities (e.g., partnerships, and S-corporations) meaning the owners pay taxes at individual rates. These represent 95% of businesses and most of corporate tax revenues. Approximately the largest 2% of pass-through businesses represent 40% of pass-through income and under current law are taxed at 39.6%, the top individual rate. The corporate tax rate was lowered from 35% to 21%, while some related business deductions and credits were reduced or eliminated. The Act also changed the U.S. from a global to a territorial tax system with respect to corporate income tax. Instead of a corporation paying the U.S.
Tax Cuts and Jobs Act of 2017
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Tax Cuts and Jobs Act of 2017 The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes 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
Tax Cuts and Jobs Act of 2017
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$10,000 annual limit on federal tax deductions for state and local taxes because they represent states where residents tend to pay higher state and local taxes. The Senate has no plans to consider the bills. Tax Cuts and Jobs Act of 2017 The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates
Tax Cuts and Jobs Act of 2017
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animated", said he would "vote against a must-pass spending bill needed to keep the government running" if the coal miners' benefits were not extended. Alongside all other Senate Democrats, Bob Casey voted against the Tax Cuts and Jobs Act, saying that it was "a giveaway to the super rich". Four months after it passed, Bob Casey proposed his own Tax Fairness for Workers Act to create deductions to help pay for union dues and other job expenses. Bob Casey also proposed to expand the Child and Dependent Care Tax Credit prior to the TCJA's passage, and the Tax Cuts and
Bob Casey Jr.
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share of the nation's wealth, so too did they gain an ever-larger share of political power. They became, in effect, kingmakers; the tax bill is a natural consequence of their long effort to bend American politics to serve their interests." The corporate tax rate was 48% in the 1970s and is 21% under the Act. The top individual rate was 70% in the 1970s and is 37% under the Act. Despite these large cuts, incomes for the working class have stagnated and workers now pay a larger share of the pre-tax income in payroll taxes. The share of income going
Tax Cuts and Jobs Act of 2017
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Senate's move to rapidly approve the bill "is not how lawmakers are supposed to pass enormous pieces of legislation" and contrasted the bill to the 1986 tax bill, in which "Congress and the Reagan administration worked across party lines, produced numerous drafts, held many hearings and struck countless compromises." Bloomberg columnist Al Hunt classified the legislation as a "slipshod product, legislated with minimal transparency" that was "rushed so fast through a short-circuited lawmaking process" in which many members of Congress who voted in favor of the bill did not fully understand what they had done. The Short Title reference of
Tax Cuts and Jobs Act of 2017
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Trump said on December 13, 2017, that people would be able to file their taxes "on a single, little, beautiful sheet of paper". However, when the final version of the tax legislation passed through houses of Congress, the legislation kept most loopholes intact and did not simplify the tax code. The announcements by the House leaders hurt the stock prices of tax preparers, but upon the release of the actual bill, the stock prices of tax preparers sharply increased. The legislation was passed by Congress with little debate regarding the comprehensive reforming nature of the Act. The 400-page House bill
Tax Cuts and Jobs Act of 2017
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spending) allocated to lower-income tax filing units and to increase deficits (primarily stemming from reductions in taxes) allocated to higher-income tax filing units." The Joint Committee on Taxation estimated the Act would add $1,456billion total to the annual deficits (debt) over ten years and described the deficit effects of particular elements of the Act on December 18, 2017: Individual and Pass-Through (total: $1,127billion deficit increase) Business/Corporate and International (total: $330billion deficit increase) In a November 2017 survey of leading economists, only 2% agreed with the notion that a tax bill similar to those currently moving through the House and Senate
Tax Cuts and Jobs Act of 2017
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tax paid, which is expected to reduce the amount of charitable contributions given to churches and nonprofit organizations overall. The Tax Cuts and Jobs Act of 2017 allows a tax credit for employers that provide paid family and medical leave to employees. A 501(c)(3) organization is not eligible for the tax credit. The Act contains a variety of miscellaneous tax provisions, many advantaging particular special interests. Miscellaneous provisions include: The Act contains provisions that would open 1.5million acres in the Arctic National Wildlife Refuge to oil and gas drilling. This major push to include this provision in the tax bill
Tax Cuts and Jobs Act of 2017
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the crowd. Gaetz voted in support of the Tax Cuts and Jobs Act of 2017. He acknowledged that the bill's pass-through tax deduction would benefit President Trump, and added, "but so many Americans benefit when commercial real estate becomes easier and more accessible." In 2016, Gaetz acknowledged global warming but said he disagrees with the scientific consensus on climate change that human activity is the primary cause. Gaetz said "In our fervor to protect the environment, we lose sight of economic and scientific reality." The Center for American Progress and Vice Media said Gaetz was a climate change denier citing
Matt Gaetz
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same month, House Speaker Paul D. Ryan canceled plans to attend a fundraiser for Zeldin after the latter voted against the House version of the GOP tax bill. In December, Zeldin called the tax bill “a geographic redistribution of wealth” that takes money from some states while providing tax relief in others. He suggested that the removal of the state tax deduction could have been implemented gradually. Zeldin voted against the Tax Cuts and Jobs Act of 2017, which passed in December 2017. He supported the corporate tax cuts in the bill but did not approve of the limit for
Lee Zeldin
2509496
Jobs and Growth Tax Relief Reconciliation Act of 2003 The Jobs and Growth Tax Relief Reconciliation Act of 2003 ("JGTRRA", , ), was passed by the United States Congress on May 23, 2003 and signed into law by President George W. Bush on May 28, 2003. Nearly all of the cuts (individual rates, capital gains, dividends, estate tax) were set to expire after 2010. Among other provisions, the act accelerated certain tax changes passed in the Economic Growth and Tax Relief Reconciliation Act of 2001, increased the exemption amount for the individual Alternative Minimum Tax, and lowered taxes of income
Jobs and Growth Tax Relief Reconciliation Act of 2003
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become the Tax Cuts and Jobs Act of 2017, was gaining steam. The legislative calendar at the time looked fairly full, and so it quickly became clear that passage of Alexander-Murray would have to come as part of some larger agreement. Senator Susan Collins, one of the cosponsors of the bill, had serious concerns about the tax legislation, particularly regarding the repeal of the Affordable Care Act's individual mandate in the tax bill. In order to help compensate for what she saw as poor healthcare policy, she made Senate Republican Leadership promise to pass Alexander-Murray, among other pieces of healthcare
Bipartisan Health Care Stabilization Act of 2017
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of the Tax Cuts and Jobs Act of 2017. Buchanan, who has an estimated $55 million in real estate assets, will directly benefit from the loophole that lowers the tax rate on pass-through income from real estate. After the act passed, Buchanan said the changes were what "Floridians have needed for a long time." The bill also includes a measure, created by Buchanan, to provide tax relief to citrus growers impacted Hurricane Irma. Buchanan supported President Donald Trump's 2017 executive order to bar entry to the U.S. to citizens of seven Muslim-majority countries and also supported Trump's executive order to
Vern Buchanan
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due in part to the Senate reconciliation rules, which required that the bill impact the deficit by less than $1.5 trillion over ten years and have minimal deficit impact thereafter. For example: In final changes prior to approval of the Senate bill on December 2, additional changes were made (among others) that were reconciled with the House bill in a conference committee, prior to providing a final bill to the President for signature. The Conference Committee version was published on December 15, 2017. It had relatively minor differences compared to the Senate bill. Individual and pass-through tax cuts expire after
Tax Cuts and Jobs Act of 2017
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"Tax Cuts and Jobs Act" was not approved by Senate in the final enactment of the reconciliation law due to a dispute that was settled by the Senate Parliamentarian. The tax act is, officially, a set of tax law changes to the Internal Revenue Code that were appended to a budget reconciliation law without Short Title, and its proper reconciliation name (either, the Long Title, or Public Law 115-97, or some generic abbreviation) is currently used in referring to the actual law. Nevertheless, as of early 2018, the proposed rejected Short Title name had gained currency within some political and
Tax Cuts and Jobs Act of 2017
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On November 28, the legislation passed the Senate Budget Committee, again on a party-line vote. On December 2, the Senate passed its version by 51–49, with Bob Corker being the only Republican not to vote in support of the bill. The benefits of the individual tax cuts fade over time, so the Senate can attempt to pass the bill with only 51 votes under the budget reconciliation process. This is specifically to comply with the Byrd Rule, which allows Senators to block legislation if it would increase the deficit significantly beyond a ten-year term. The final version of the bill
Tax Cuts and Jobs Act of 2017
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deficit. A first estimate of $10.5 trillion in spending cuts over 10 years was reported on January 19, 2017, although cuts of this size did not appear in Trump's 2018 budget. However, the CBO forecast in the April 2018 baseline for the 2018–2027 period includes much larger annual deficits than the January 2017 baseline he inherited from President Obama, due to the Tax Cuts and Jobs Act and other spending bills. "Wells Fargo Economics" reported in May 2018 that: "Despite stronger predicted economic growth in the short term, a combination of tax cuts and surging spending have led the budget
Economic policy of Donald Trump
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the normal course of business, after their prior year earnings are known and their new budgets are put in place). About 18 companies in the S&P did so; when companies paid awards to employees, these were usually a small percentage of corporate savings from the Act. A January 2018 study from the firm Willis Towers Watson found that 80% of companies were not "considering giving raises at all." Bloomberg reported in March 2018 that an estimated 60% of corporate tax savings were going to shareholders, while 15% was going to employees, based on analysis of 51 S&P 500 companies. In
Tax Cuts and Jobs Act of 2017
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failure", the 2017 Republican tax cuts ("Tax Cuts and Jobs Act of 2017") has some of the same elements of Brownback's policy, and "many Republicans still embrace the ideology" behind the Kansas tax cuts, according to National Public Radio. Several sources have compared the Kansas experiment to the 2017 Federal tax cuts, which was debated during and after the Kansas cuts were repealed. The Kansas tax cuts have been described as a "warning sign", "the kind of fiscal policy the Trump administration wants to enact nationally," a policy that the Trump tax cuts "echo", a "template" for tax cuts that
Kansas Senate Bill Substitute HB 2117
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written as three separate bills, named the Protecting Family and Small Business Tax Cuts Act of 2018 (H.R. 6760), the Family Savings Act (H.R. 6757), and the American Innovation Act of 2018 (H.R. 6756). On September 27, the House of Representatives passed the Family Savings Act by a vote of a 240–177, and then it passed the American Innovation Act by a vote of 260–156., On September 28, the House of Representatives passed the Protecting Family and Small Business Tax Cuts Act by a vote of 220–191. Several Republicans in the House voted against the bill to make permanent the
Tax Cuts and Jobs Act of 2017
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professional circles who continue to use "Tax Cuts and Jobs Act" to refer to Public Law 115-97, and so the Act may be inaccurately referred to by its rejected Short Title in some instances. This section is for concerns regarding the law that were discussed prior to its passage, but that were excluded from the final bill or were otherwise confirmed would not occur. The bill that passed the House had been criticized for its significant negative impact on graduate students. Graduate students in private universities could have seen their effective tax rate go above 41.9%, a rate higher than
Tax Cuts and Jobs Act of 2017
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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 $1,125billion in net benefits (i.e. net tax cuts offset by reduced healthcare subsidies) over 10 years, while corporations would receive around $320billion 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
History of the United States (2008–present)
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pass-through deduction provision from which Corker stood to benefit was confirmed as part of the bill. Corker rejected that he traded his vote for provisions that benefited him and said that he had no idea that there were provisions in the bill from which he personally stood to benefit. According to "The New York Times", "economists and tax experts across the political spectrum warn that the proposed system would invite tax avoidance. The more the tax code distinguishes among types of earnings, personal characteristics or economic activities, the greater the incentive to label income artificially, restructure or switch categories in
Tax Cuts and Jobs Act of 2017
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or total permanent disability of the borrower from taxable income. This provision applies only to debt discharged during tax years 2018 through 2025. For deaths occurring between 2018 and 2025, estates that exceed $11.2million are subject to a 40% estate tax at time of death, increased from $5.6million previously. For a married couple aggregating their exemptions, an estate exceeding $22.4million are subject to a 40% estate tax at time of death. The final bill reduces pass-through taxes via a 20% deduction, after which a lower rate of 29.6% will be applied. This benefit phases out starting at $315,000. Many businesses
Tax Cuts and Jobs Act of 2017
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the House when compared to his district's voting patterns. Paulsen helped to author the Republican tax reform of 2017, the Tax Cuts and Jobs Act. Paulsen supports continuing the Bush-era tax cuts and global free trade agreements. He voted for the fiscal 2012 federal budget plan that provided for substantial overhaul of Medicare, including replacement of the traditional program with a premium support payment for private health insurance coverage for Americans under age 55. Paulsen voted against the American Recovery and Reinvestment Act and Dodd-Frank. In 2009, Paulsen expressed opposition to a public health insurance option and instead supported a
Erik Paulsen
9100891
named Roskam "Hero of the Taxpayer" in 2005 for his opposition to HB-755 which would have raised income and sales taxes by 67% or nearly $7 billion. In 2010, he signed a pledge sponsored by Americans for Prosperity promising to vote against any global warming legislation that would raise taxes. Roskam voted in favor of the Tax Cuts and Jobs Act of 2017. In 2017, Roskam said that the "middle class is crumbling under the current tax code," after voting in favor of the Tax Cuts and Jobs Act. Roskam voted to express "congressional disapproval under chapter 8 of title
Peter Roskam
2604347
Budget and Policy Priorities argues that this is false. At the state level, former Democratic Governor Bill Richardson in recent years has supported tax cuts to spur economic growth. In December 2017, the Senate passed the Tax Cuts and Jobs Act of 2017. Much discussion has occurred regarding the optimum capital gains tax rate, with some calling for reductions in the belief that a lower rate will provide investors an incentive to invest in new stocks—which supply siders claim encourages the creation of new jobs, reduces unemployment, and has the paradoxical effect of increasing tax revenue. Tax cut A tax
Tax cut
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revenues fell by $92 billion (31%) due primarily to the Tax Act, from 1.5% GDP in 2017 to 1.0% GDP in 2018, half the 50-year average of 2.0% GDP. Fiscal year 2018 ran from October 1, 2017 to September 30, 2018, so the deficit figures did not reflect a full year of tax cut impact, as they took effect in January 2018. CBO forecast in January 2017 (just prior to Trump's inauguration) that revenues in fiscal year 2018 would be $3.60 trillion if laws in place as of January 2017 continued. However, actual 2018 tax revenues were $3.33 trillion, a
Tax Cuts and Jobs Act of 2017
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for the President and his family from this bill is "virtually unprecedented in American political history". A number of Republican congressmen also stand to benefit personally from the pass-through deduction. Most notably, retiring Tennessee Senator Bob Corker was for some time the sole Republican Senator to oppose the tax plan, having stated that he would not support a tax plan that would increase the deficit; however, after Arizona Senator John McCain, who was unable to vote while receiving treatment for brain cancer, endorsed the bill Corker changed his vote to yes on the final version of the bill after the
Tax Cuts and Jobs Act of 2017
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the increase was still lower from 2000 to 2002 than it was from 1992 to 1997, which reached a peak of 39.3% in 1993. In 2002 the poverty rate was 34.6% which was almost equal to the rate in 1998, which was 34.5%. Poverty was at 12.7% in 2004. President Bush won passage for two major tax cuts during his term in office: The Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. Collectively, they became known, analyzed, and debated as the "Bush tax cuts". The cuts, scheduled to
Domestic policy of the George W. Bush administration
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spending) allocated to lower-income tax filing units and to increase deficits (primarily stemming from reductions in taxes) allocated to higher-income tax filing units." The Tax Policy Center (TPC) reported its distributional estimates for the Act. This analysis excludes the impact from repealing the ACA individual mandate, which would apply significant costs primarily to income groups below $40,000. It also assumes the Act is deficit financed and thus excludes the impact of any spending cuts used to finance the Act, which also would fall disproportionally on lower income families as a percentage of their income. The TPC also estimated the amount
Tax Cuts and Jobs Act of 2017
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the Government was expected to run large surpluses. It was subsequently vetoed by President Bill Clinton. A similar situation happened in 2000, when the Senate again used reconciliation to pass the Marriage Tax Relief Reconciliation Act 2000, which was also vetoed by Clinton. At the time, the use of the reconciliation procedure to pass such bills was controversial. During the administration of President George W. Bush, Congress used reconciliation to enact three major tax cuts. These tax cuts were set to lapse after 10 years to fulfill the requirements of the Byrd Rule which prohibits legislation that increases the deficit
Reconciliation (United States Congress)
17812313
December 19, 2017, Stefanik voted against the Tax Cuts and Jobs Act. In a December 18 Facebook post, Stefanik asserted that "the final bill does not adequately protect the state and local tax deduction that so many in our district and across New York rely on ... New York is one of the highest taxed states in the country, and families here rely on this important deduction to make ends meet." After the FCC decided to repeal Obama-era net neutrality in December 2017, Stefanik urged her congressional colleagues to pass legislation restoring the policy. In September 2018, Stefanik co-sponsored, together
Elise Stefanik
2444736
in favor of the Tax Cuts and Jobs Act of 2017. Situated in a district that supported Hillary Clinton in the 2016 Presidential election by a margin of eight points, Royce was widely viewed as one of the most vulnerable members of Congress. As of December 2017, polling in the 39th District showed a 36% approval rating for Royce and a 60% disapproval rating for President Trump. Additionally, the data showed that a large majority of voters disapproved of Royce's public support and vote in favor of the Republican Tax Cuts and Jobs Act of 2017. Acknowledging the difficult campaign
Ed Royce
12549387
asserted that the Tax Cuts and Jobs Act of 2017 will stop US inversions and in particular the move to a territorial tax system and an attractive low-tax IP taxation regime. There is a belief that the TCJA could even attract inversions (and IP) back to the US (as similar rules did in the UK in 2009-2012). However, the Irish (and the UK) ultra-low-tax schemes could still attract US corporate inversions. For example, the TCJA's new GILTI regime enforces a minimum 10.5% tax rate on IP-heavy US corporates, whereas Apple, Google and Facebook pay Irish effective tax rates of <1%.
Tax inversion
19881032
"base" growth rate was 2.7%. CBO also estimated that GDP cumulatively would be 0.3% higher by the end of 2018 due to the Tax Cuts and Jobs Act. A quarterly growth rate to generate a 0.3% higher cumulative total is about 0.07% per quarter, indicating the tax cuts contributed less than 0.1 percentage points to the real GDP growth rate in Q1 and Q2 2018. From 2009 through 2016, GDP growth exceeded 3% in twelve quarters—including 4.6% and 5.2% in consecutive quarters of 2014—yet it did not sustain 3% or more for any full calendar year. National Economic Council director
Economic policy of Donald Trump
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requiring that any tax cut or spending increase be approved by a three-fifths majority, or else the law must return to its previous state after ten years. This is responsible for the use of sunset clauses in several recent budget acts, when proposed tax cuts commanded majority support but not the necessary three-fifths majority to suspend the Byrd Rule. For example, many of the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 would have expired as soon as fiscal year 2010 if not extended. The
Congressional Budget and Impoundment Control Act of 1974
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estimated 72% of taxpayers would be adversely impacted in 2019 and beyond, if the tax cuts are paid for by spending cuts separate from the legislation, as most spending cuts would impact lower- to middle-income taxpayers and outweigh the benefits from the tax cuts. Bloomberg reported in March 2018 that an estimated 60% of corporate tax savings were going to shareholders, while 15% was going to employees, based on analysis of 51 S&P 500 companies. The law also impacts healthcare by repealing the ACA individual mandate, resulting in projections of up to 13million fewer persons covered by health insurance as
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Jersey, California and Maryland..." The scoring by the organizations above assumes the tax cuts are deficit-financed, meaning that over ten years the deficit rises by $1.4trillion relative to the current law baseline; or $1.0trillion after economic feedback effects. However, if one assumes the tax cuts are paid for by spending cuts, the distribution is much more unfavorable to lower- and middle-income persons, as most government spending is directed to them; the higher income taxpayers tend to get tax breaks, not direct payments. According to the Tax Policy Center, if the Senate bill were financed by a $1,210 per household cut
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in government spending per year (a more likely scenario than focusing cuts proportionally by income or income taxes paid), then during 2019: Republican politicians such as Paul Ryan have advocated for spending cuts to help finance the tax cuts, while the President Trump's 2018 budget includes $2.1trillion in spending cuts over ten years to Medicaid, Affordable Care Act subsidies, food stamps, Social Security disability insurance, Supplemental security income, and cash welfare (TANF). The Senate bill repeals the individual mandate that requires all Americans under 65 to have health insurance or pay a penalty, effective starting in 2019. The CBO initially
Tax Cuts and Jobs Act of 2017
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May 4, 2017, Hill voted to repeal the Patient Protection and Affordable Care Act (Obamacare) and pass the American Health Care Act. Hill voted in support of the Tax Cuts and Jobs Act of 2017. A ninth-generation Arkansan and Roman Catholic, Hill resides in Little Rock. He and his wife, Martha McKenzie, have two children. French Hill (politician) James French Hill (born December 5, 1956) is an American politician who is the U.S. Representative for Arkansas's 2nd congressional district. He was first elected in 2014 and took office on January 3, 2015. Hill graduated "magna cum laude" with a Bachelor
French Hill (politician)
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middle class, millions of middle-class families across the country, borrows trillions from the future, from our children and grandchildren's futures to give tax cuts to the wealthiest and encourages corporations to ship jobs overseas." The 13 House Republicans who voted against the bill were mostly from New York, New Jersey, and California, and were opposed to the bill's elimination of the state and local income tax deduction in the bill, which benefits those states. Billionaire and former Mayor of New York Michael Bloomberg called this tax bill an "economically indefensible blunder" arguing that companies would not invest more because of
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on strengthening social security and Medicare, and using the Affordable Care Act to cover people in the event of catastrophic health disasters. In addition to health protection, the President also suggested implementing training programs to help people who lose their jobs find new more modern jobs. Expanding tax cuts for low income families without children was also discussed. He then spoke about the recent failure of the financial system, and pointed out that "Food Stamp recipients didn’t cause the financial crisis; recklessness on Wall Street did." He criticized businesses that avoided their tax bills by creating offshore accounts. He stressed
2016 State of the Union Address
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is a member of the Freedom Caucus. Buck voted in favor of the Tax Cuts and Jobs Act of 2017. Buck believes the bill is "fairer for American families" and that it will "keep more jobs in America." He also says that it will simplify the tax code, when the process has been recognized as not being simpler than current tax filing processes. Buck supports a revamp of the Department of Education and questions the department's constitutionality. Buck supports gun rights and is endorsed by Gun Owners of America. He stated that he would "oppose any federal legislation to compile
Ken Buck
11477459
below $250,000 per year. On January 1, 2013, the Bush Tax Cuts expired. However, on January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012, which reinstated many of the tax cuts, effective retroactively to January 1. The 2012 Act did not repeal the increase in the highest marginal income tax rate (from 35% to 39.6%) which had been imposed on January 1 as a result of the expiration of the Bush Tax Cuts. Bush tax cuts The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of
Bush tax cuts
19880969
Economic policy of Donald Trump The economic policies of Donald Trump, which were outlined in his campaign pledges, include trade protectionism, immigration reduction, individual and corporate tax reform, the dismantling of the Dodd–Frank Wall Street Reform and Consumer Protection Act, and the repeal of the Patient Protection and Affordable Care Act ("Obamacare"). Bills to repeal and replace the Affordable Care Act ("Obamacare") did not pass Congress in mid-2017. However, Trump's tax reform plan was signed into law in December 2017, which included substantial tax cuts for higher income taxpayers and corporations as well as repeal of a key Obamacare element,
Economic policy of Donald Trump
16674515
United States fiscal cliff The United States fiscal cliff was a situation that took place in January 2013 when several previously-enacted laws came into effect simultaneously, increasing taxes and decreasing spending. The Bush tax cuts of 2001 and 2003, which had been extended for two years by the 2010 Tax Relief Act, were scheduled to expire on December 31, 2012. Planned spending cuts under the Budget Control Act of 2011 also came into play. That Act was passed as a compromise to resolve a dispute concerning the US debt ceiling and address the failure of the 111th Congress to pass
United States fiscal cliff
19881025
Tax Cuts and Jobs Act would cause employers to pass their tax savings on to workers in the form of wage increases, while critics predicted companies would spend most of the savings on stock repurchases and dividends to shareholders. Early evidence appeared to confirm the latter. For example, average hourly earnings (for all employees on private nonfarm payrolls) rose from $26.26 in June 2017 to $26.98 in June 2018, an increase of $0.72 or 2.74%. However, inflation (CPI-U, for all items) rose 2.8% for the 12 months ending May 2018, indicating that workers' real (inflation-adjusted) hourly earnings were essentially unchanged
Economic policy of Donald Trump
508640
inversions) by taxing income leaving the U.S. to go to low-tax corporate tax havens like Ireland. Other jurisdictions, such as Japan, are also realising the extent to which IP-based BEPS tools are being used to manage global corporate taxes. While the U.S. exchequer has traditionally been seen as the main loser to global corporate tax havens, the 15.5% repatriation rate of the Tax Cuts and Jobs Act of 2017 changes this calculus. IP-heavy U.S. corporates are the main users of BEPS tools. Studies show that as most other major economies run "territorial" tax systems, their corporates did not need to
Corporate haven
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Republican primary, but he was re-elected nonetheless. Bucshon is a member of the Republican Main Street Partnership. Buschon voted in favor of the Tax Cuts and Jobs Act of 2017. After voting, he stated that there would be "dramatic" economic growth that will "fully cover the amount of revenue decreases" regarding tax cuts. Buschon claimed that people would complete their tax filing on a postcard, however the same tax filing structure remains in place. Bucshon supports lower corporate and individual taxes. He has called for freezing spending at 2008 levels, extending the Bush tax cuts for all income brackets, and
Larry Bucshon
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justifiable or sensible to give a tax cut to the wealthiest among us, but at the same time increase taxes on U.S. soldiers." He also applauded the 2009 Budget for ending the Alternative Minimum Tax, and ensuring tax cuts for 23 million middle class Americans. In 2011, he opposed a bill that appropriated funds to the defense budget. In 2017, Crowley opposed the Tax Cuts and Jobs Act of 2017, saying its only goal was to give more tax cuts to America's top 1% than the working class. In December 2017, Crowley said in a floor speech, "It's a scam
Joe Crowley
18378721
gun control advocacy group, labeled Curbelo an “NRA lap dog” for his support of the 2nd Amendment. In 2017, Curbelo introduced a bill to ban bump stocks in the wake of the 2017 Las Vegas shooting. Appearing on ABC's “This Week” on February 18, 2018, Curbelo called on Republican congressional leaders to introduce gun-control measures. Curbelo voted in favor of the Tax Cuts and Jobs Act of 2017. The "Miami New Times" projected that Curbelo's wife, who owns a pass-through LLC, would financially benefit from the TCJA's pass-through deduction enabling such companies to deduct a portion of their profits on
Carlos Curbelo
15161501
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (), also known as the 2010 Tax Relief Act, was passed by the United States Congress on December 16, 2010, and signed into law by President Barack Obama on December 17, 2010. The Act centers on a temporary, two-year reprieve from the sunset provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), together known as the "Bush tax cuts." Income taxes
Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
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argued that such a tax cut would stimulate the economy and create jobs. Ultimately, five Senate Democrats crossed party lines to join Republicans in approving a $1.35 trillion tax cut program — one of the largest in U.S. history. The United States Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) on May 23, 2003 and President George W. Bush signed it into law five days later. Nearly all of the cuts (individual rates, capital gains, dividends, estate tax) were to expire after 2010. Among other provisions, the act accelerated certain tax changes passed in the
Economic policy of the George W. Bush administration
6424164
U.S. leadership around the paired goals of reducing the global role and number of nuclear weapons and ensuring strategic stability with America's nuclear-armed adversaries" and calling on President Trump to continue arms negotiations. She opposed the Tax Cuts and Jobs Act of 2017, and has called for a repeal of the bill's tax cuts for wealthy Americans. In 2018, she proposed a tax cut for the majority of working-class Americans. An analysis by the nonpartisan Tax Policy Center estimated that the bill would reduce federal revenue by $2.8 trillion over a decade. Harris proposed to pay for the tax cuts
Kamala Harris
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less than that. Most importantly, most of the tax cuts accrue to the corporate sector and to higher-income households that have a relatively low marginal propensity to consume. This suggests that a significant portion of the tax cuts will be saved, not spent." Corporate executives indicated that raising wages and investment were not priorities should they have additional funds due to a tax cut. A survey conducted by Bank of America-Merrill Lynch of 300 executives of major U.S. corporations asked what they would do with a corporate tax cut. The top three responses were that they would pay down debt,
Tax Cuts and Jobs Act of 2017
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training of U.S. scientists. The bill's impact on U.S. science and innovation had been criticized by Stanford professor emeritus Burton Richter, a winner of the Nobel Prize in Physics and the National Medal of Science, who critiqued the bill's negative impact on Americans seeking advanced degrees and wrote that the budget impact of the tax cuts would force a dramatic reduction in federal funding for scientific research. The final version of the Act reflected the Senate's language in this area, maintaining the prior law's tax exemption for tuition waivers. Federal Reserve officials had indicated earlier in 2017 that aggressive tax
Tax Cuts and Jobs Act of 2017
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program. The next major domestic item which Bush faced significant opposition to was his program of tax cuts, codified in the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. Both acts ultimately passed, but calls for their repeal lasted until the end of the 2004 campaign. Democratic candidate Howard Dean in particular called for a repeal of the part of the tax cuts which affected the wealthiest Americans in order to fund public health care programs and reduce the federal deficit. After Bush was re-elected, he made Social
Public image of George W. Bush
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citizenship as they reentered the country" in the aftermath of the order's issuance. In 2017, Noem was part of the conference committee for the Tax Cuts and Jobs Act. She worked closely with Ivanka Trump to preserve the Child Care Credit and was influential in finalizing the home mortgage interest deduction, the Adoption tax Credit, continuing credit for charitable contributions, and retaining popular retirement savings options. Noem was a steady advocate for fully repealing the estate tax. While the final bill did not include a full repeal, it doubled exemption levels and maintained the stepped-up basis, which she says provides
Kristi Noem
19501929
were "coming in somewhat lower", but that this did not concern the administration. While appearing on ABC News on July 9, Mnuchin confirmed the administration was not considering a tax increase on the American upper class and the upcoming tax plan would finance itself. Mnuchin advocated for the Tax Cuts and Jobs Act of 2017, a bill expected to add $1.5 trillion to the deficit. Mnuchin claimed that the bill would pay for itself by causing explosive economic growth and promised that the Treasury was working on an analysis that showed that this was the case and that the analysis
Steven Mnuchin
5157086
tax" systems make little use of corporate–tax havens, as their tax code applied lower rates to foreign-sourced profits. Hines, with German tax academics, showed the German tax code charged a CT rate of 5% to the foreign profits of German multinationals. Hines was one of the most-cited sources when the U.S. Council of Economic Advisors advocated switching the U.S. tax code to a "territorial system" in the Tax Cuts and Jobs Act of 2017. In 2014, the U.S Tax Foundation, reported on how the UK had effectively stopped UK corporates inverting to Ireland, by switching the UK corporate tax-code to
Corporation tax in the Republic of Ireland
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tax rate increases, some marginal tax rate decreases, and base broadening by closing, canceling, or limiting tax loopholes, deductions, credits, or other tax expenditures for top income earners and corporations. In December 2017, the Senate passed the Tax Cuts and Jobs Act of 2017. On December 22, 2017 President Trump signed into law the tax reform bill passed by the House and Senate. The business community avidly lobbied in support of the bill, which included corporate tax cuts among more comprehensive reform. The National Retail Federation was a leading voice in this effort, since previously, retailers paid one of the
Tax reform
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51 Votes NOW and WIN. IT'S TIME!" On December 19–20, 2017 the House and Senate passed a landmark tax reform bill, the Tax Cuts and Jobs Act of 2017, and President Trump signed it into law on December 22. Due to the Byrd rule the individual tax rate cuts and other reforms sunset in 2026. Corporate tax rate cuts and other reforms, such as switching the United States to the territorial system, were made permanent. To trigger the reconciliation process, Congress passes a concurrent resolution on the budget instructing one or more committees to report changes in law affecting the
Reconciliation (United States Congress)
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rate cuts could even hurt most Americans since they must eventually be paid for with other tax increases or spending cuts." Corporations have significant cash holdings ($1.9trillion in 2016) and can borrow to invest at near-record low interest rates, so a tax cut is not a prerequisite for investment or giving workers a raise. As of Q2 2017, corporate profits after taxes were near record levels in dollar terms at $1.77trillion annualized, and very high measured historically as a percentage of GDP, at 9.2%. In 2017, the Congressional Budget Office (CBO) compared the U.S. corporate tax rates (statutory and effective
Tax Cuts and Jobs Act of 2017
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now pay a larger share of the pre-tax income in payroll taxes. The share of income going to the top 1% has doubled, from 10% to 20%, since the pre-1980 period, while the share of wealth owned by the top 1% has risen from around 25% to 42%. Despite President Trump promising to address those left behind, the Tax Cuts and Jobs Act would make inequality far worse: In 2027, if the tax cuts are matched by spending cuts borne evenly by all families, after-tax income would be 3.0% higher for the top 0.1%, 1.5% higher for the top 10%,
Economic policy of Donald Trump
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blue wave to be body slammed!" Hice supports a balanced budget amendment. Hice supports auditing the federal reserve and its activities around mortgages. He co-sponsored the Federal Reserve Transparency Act. Hice favors tax reform and voted in support of the Tax Cuts and Jobs Act of 2017. He claims the new legislation creates a "competitive and fair tax system." He says it will create an improved economy, more opportunities, and "keep more money in the pockets of hardworking families and individuals." He also believes "It will also encourage American businesses to keep their jobs and revenue here, and our job
Jody Hice
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and/or upon their death, without incurring federal gift or estate taxes: $5,340,000 for estates of persons dying in 2014 and 2015, $5,450,000 (effectively $10.90 million per married couple, assuming the deceased spouse did not leave assets to the surviving spouse) for estates of persons dying in 2016. Because of these exemptions, it is estimated that only the largest 0.2% of estates in the U.S. will pay the tax. For 2017, the exemption increases to $5.5 million. In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017. As a result, only
Estate tax in the United States
10369257
not have an acceptable insurance policy, which applies to capital gains. The House passed this bill but the Senate did not. House Bill 1 (the Tax Cuts and Jobs Act of 2017) was released on November 2, 2017 by Chairman Kevin Brady of the House Ways and Means Committee. Its treatment of capital gains was comparable to current law, but it roughly doubled the standard deduction, while dropping personal exemptions in favor of a larger child tax credit. President Trump advocated using the bill to also repeal the shared responsibility payment, but Rep. Brady believed doing so would complicate passage.
Capital gains tax in the United States
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debt as a top issue and working within their party and on a bipartisan basis to improve the nation's fiscal future. Delaney has voted against the balanced budget amendment Delaney has voted in support of a number of tax relief bills. He voted in support of America's Small Business Tax Relief Act of 2014 and America's Small Business Tax Relief Act of 2015. He has also voted in support of American Research and Competitiveness Act of 2015 and the S Corporation Permanent Tax Relief Act of 2014. Delaney voted in opposition to the Tax Cuts and Jobs Act of 2017.
Political positions of John Delaney
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many public health experts have questioned whether it would have succeeded in doing so. In September 2017, Young supported the refunding of the Children's Health Insurance Program. Young supports tax reform and voted in favor of the Tax Cuts and Jobs Act of 2017. He said he believed the bill would provide tax relief to Iowans. In April 2018, he voted for a Balanced Budget Amendment. In June 2018, Young voted for H.R. 3, the Spending Cuts to Expired and Unnecessary Programs Act, also known as the rescission package. After its passage, Young said, “Washington has a spending problem and
David Young (Iowa politician)
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claims in advocating the Act during 2017, including: Paul Krugman disputed the Administration's primary argument that tax cuts for businesses will stimulate investment and higher wages: In November 2017, the University of Chicago asked over 40 economists if U.S. GDP would be substantially higher a decade from now, if either the House or Senate bills were enacted, with the following results: 52% either disagreed or strongly disagreed, while 36% were uncertain and only 2% agreed. The Tax Policy Center estimated that GDP would be 0.3% higher in 2027 under the House bill versus current law, while the University of Pennsylvania
Tax Cuts and Jobs Act of 2017
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would substantially increase U.S. GDP. The economists unanimously agreed that the bill would increase the U.S. debt. Federal corporate tax receipts fell from an annualized level of $409 billion in Q1 2017 to $269 billion in Q1 2018, a direct result of the Trump tax cuts. On December 21, 2017, the Congressional Budget Office (CBO) released its distribution estimate of the Act: CBO stated that lower income groups will incur costs, while higher income groups will receive benefits: "Overall, the combined effect of the change in net federal revenue and spending is to decrease deficits (primarily stemming from reductions in
Tax Cuts and Jobs Act of 2017
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will not add to the federal deficit because future tax cuts will lead to 3% GDP growth. He described the budget as "the first time in a long time that an administration has written a budget through the eyes of the people who are actually paying the taxes." In December 2017, the President signed the Tax Cuts and Jobs Act of 2017. The United States Congress Joint Committee on Taxation forecasted that with dynamic scoring the $1.5 trillion reduction in revenues will increase the federal deficit by $1 trillion. Regulatory implementation of the tax cuts have been delayed by a
Mick Mulvaney
16129907
and dividends, while Democrats prefer educational credits and capping deductions. Political realities make it unlikely that more than $150 billion per year in individual tax expenditures could be eliminated. One area with more common ground is corporate tax rates, where both parties have generally agreed that lower rates and fewer tax expenditures would align the U.S. more directly with foreign competition. A variety of tax cuts were enacted under President Bush between 2001–2003 (commonly referred to as the "Bush tax cuts"), through the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief
Political debates about the United States federal budget
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and Reinvestment Act, which Obama said would "save or create 3.5 million jobs." Three years later, however, the American economy was "down more than 1.1 million jobs and the national unemployment rate still hasn’t dropped below 8 percent." Roskam advocates making permanent the 2001 and 2003 tax cuts, and has sponsored or cosponsored fourteen pieces of legislation for lower taxes, including child tax credits and reducing the income tax, and has stated support for a research and development tax credit. As an Illinois General Assembly legislator, Roskam authored and supported several pieces of tax reduction legislation. Americans for Tax Reform
Peter Roskam
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American Taxpayer Relief Act of 2012 The American Taxpayer Relief Act of 2012 () was passed by the United States Congress on January 1, 2013, and was signed into law by US President Barack Obama the next day. The Act centers on a partial resolution to the US fiscal cliff by addressing the expiration of certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (known together as the "Bush tax cuts"), which had been temporarily extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job
American Taxpayer Relief Act of 2012
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with the government over a pending merger. He stated: "There is a reason so few executives have said the tax bill will lead to more jobs, investments, and higher wages—because it will actually lead to share buybacks, corporate bonuses, and dividends." In the immediate aftermath of the passage of the Act, a relatively small number of corporations—many of them involved in mergers disputed by the government or regulatory difficulties—announced pay raises or bonuses to employees, although it is not clear they would not have done so without the tax cut (many companies award raises and bonuses early each year in
Tax Cuts and Jobs Act of 2017
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Repeal Act of 2010 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 were both signed into law. The former ended the military's don't ask, don't tell policy, while the latter bill extended the Bush tax cuts for two years and extended unemployment benefits and a FICA payroll tax cut for one year. Democrats also tried to pass the DREAM Act, but the bill failed to pass the 60-vote hurdle needed to invoke cloture. During the lame duck session of the 112th Congress, the American Taxpayer Relief Act of 2012 was signed into law. The act
Lame-duck session
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than $1 million a year, which was part of the prior Senate jobs bills. A prior nill version of the 3% withholding repeal by Senate Republicans had failed in the Senate on a 57-43 cloture vote, as Senate Democrats opposed the Senate Republicans plan to fund the lost tax revenue via $30 billion in spending cuts. In the failed cloture vote 47 Senate Republicans were joined by 10 Senate Democrats in voting to open debate on the Withholding Tax Relief Act of 2011, . Another element of the Act was passed on March 27, 2012 as part of the Jumpstart
American Jobs Act
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property tax cuts from homeowners, and included with spending restrictions in exchange for the tax cuts. Barnes himself did not support the program, and most school boards rejected it because of the spending restrictions. Zahorchak, however voiced support for Act 72 and helped Rendell lobby local school districts to support it, which increased his visibility statewide. Zahorchak claimed Act 72 "includes real property tax relief that shifts more of the responsibility for school funding back to the state". When Barnes resigned in September 2005, Zahorchak was again tapped to serve as acting secretary and was widely considered the most qualified
Gerald Zahorchak
3211828
voted against the Tax Cuts and Jobs Act of 2017, joining four other Republican representatives from New Jersey. Regarding his vote, he stated that "We need tax relief, but we must have relief that is not comparatively unfair to the taxpayers of New Jersey." Smith said he would be "forced to oppose" more tax cuts if legislation included a provision "permanently extending the $10,000 cap on the state and local tax (SALT) deduction". ! Year ! Republican ! Votes ! ! Democratic ! Votes ! ! Third Party ! Party ! Votes ! ! Third Party ! Party ! Votes
Chris Smith (New Jersey politician)
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ever call me again.'" Analysis by FiveThirtyEight in November 2017 found the pending tax law to be the least-popular major tax bill in at least 36 years, including the tax increases of 1990 and 1993. Apart from February 12, 2018, the RealClearPolitics composite of polls has indicated that at least a plurality of Americans has disliked the law from October 2017 through September 2018. House Republicans have written follow-on bills that would extend the individual tax cuts beyond their current expiration date, simplify the rules for Individual Retirement Accounts, and new tax deductions for small businesses. The follow-on bills were
Tax Cuts and Jobs Act of 2017
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came from Republican Senator Lisa Murkowski. The move is part of the long-running Arctic Refuge drilling controversy; Republicans had attempted to allow drilling in ANWR almost 50 times. Opening the Arctic Refuge to drilling "unleashed a torrent of opposition from conservationists and scientists." Democrats and environmentalist groups such as the Wilderness Society criticized the Republican effort. The tax cuts are expected to increase deficits thereby stimulating the economy, increasing GDP and employment, relative to a forecast without those tax cuts. CBO reported on December 21, 2017: "Overall, the combined effect of the change in net federal revenue and spending is
Tax Cuts and Jobs Act of 2017
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to the top 1% has doubled, from 10% to 20%, since the pre-1980 period, while the share of wealth owned by the top 1% has risen from around 25% to 42%. Despite President Trump promising to address those left behind, the House and Senate bills would increase economic inequality: In 2027, if the tax cuts are paid for by spending cuts borne evenly by all families, after-tax income would be 3.0% higher for the top 0.1%, 1.5% higher for the top 10%, -0.6% for the middle 40% (30th to 70th percentile) and -2.0% for the bottom 50%. In November 2017,
Tax Cuts and Jobs Act of 2017
19881089
the first annual increase since 2010. Nominal corporate profits after tax declined from $1,787 billion in 2016 to $1,680 billion in 2017, a decrease of 6.0%. However, the Tax Cuts and Jobs Act is expected to increase corporate after-tax profits significantly beginning in 2018, when the corporate tax rate falls from 35% to 21%. For example, corporate profits after tax (annualized) rose from $1,845 billion for Q2 2017 to $1,969 billion in Q2 2018, up $124 billion or 6.7%, an all-time dollar record. At 9.64% GDP, they were below the Q1 2010 to Q4 2016 average of 10.22% GDP. Bank
Economic policy of Donald Trump
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the tax cuts : "Corporations are sitting on a record amount of cash reserves: nearly $2.3 trillion. That figure has been climbing steadily since the recession ended in 2009, and it's now double what it was in 2001. The reason CEOs aren't investing more of their liquid assets has little to do with the tax rate." Bill Gates and Warren Buffett also thought that Trump's tax cut would not help businesses. In a CNBC interview, Buffett even said: "I don't need a tax cut in a society with so much inequality". In a letter made public on the November 12th,
Tax Cuts and Jobs Act of 2017
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proposed further tax cuts. With little support among Democrats, Congress passed the Jobs and Growth Tax Relief Reconciliation Act of 2003, which cut taxes by another $350 billion over 10 years. That law also lowered the capital gains tax and taxes on dividends. Collectively, the Bush tax cuts reduced federal individual tax rates to their lowest level since World War II, and government revenue as a share of gross domestic product declined from 20.9% in 2000 to 16.3% in 2004. Bush's other major policy initiative upon taking office was education reforms. Although some congressional Republicans had called for abolishing the
Presidency of George W. Bush
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tax year 1963) to 77% (for tax year 1964) and 70% (for tax year 1965) for annual incomes of $1.4 million+. It was the first tax legislation to reduce the top end of the marginal income tax rate distribution since 1924. The top marginal income tax rate had been 91% since 1946 and had not been below 70% since 1936. The "Bush Tax Cuts," which are the popularly known names of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 passed during President George W. Bush's first term,
Tax policy and economic inequality in the United States
18362569
his stance and now fully supports the right of LGBT people to get married. Hugin "calls himself a fiscal conservative opposed to tax increases in a state with the highest property taxes." He supports making individual tax cuts permanent, and also opposes the cap on the state and local tax (SALT) deduction imposed by the Tax Cuts and Jobs Act, saying that it is too low. Hugin supported Donald Trump's presidential candidacy, was the finance chairman of Trump's New Jersey campaign, and donated $100,000 in 2016 to the Trump Victory Fund to help get Trump elected. Hugin also acted as
Bob Hugin
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district for 20 years. He chaired the House Budget Committee from 2011 to 2015 and briefly chaired the House Ways and Means Committee in 2015 prior to being elected Speaker of the House following John Boehner's retirement. Ryan was a major proponent of privatizing Social Security in the mid-2000s. In the 2010s, his proposals "The Path to Prosperity" and "A Better Way" advocated for the privatization of Medicare, block granting of Medicaid, repeal of the Affordable Care Act, and significant tax cuts. As Speaker, he was instrumental in the passage of the Tax Cuts and Jobs Act of 2017. His
Paul Ryan
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that would raise tax rates and eliminate tax breaks for corporations while they are engaged in labor lockouts. The bill would also raise the income tax rate to the corporate tax rate prior to the 2017 Tax Cuts and Jobs Act, from 21 percent to 35 percent, for the entire tax year. Deduction of wages and benefits for temporary workers during the lockout would also be prohibited under the Act, and certain tax credits for hiring replacement workers would be prevented. On October 11, the International Brotherhood of Boilermakers released a video on a website they created, http://www.WeWantToWork.org detailing the
Imerys
20417189
for divorce and separation agreements signed after December 31, 2018. Employment-related moving expenses will no longer be deductible, except for moves related to active-duty military service. The miscellaneous itemized deduction, including tax-deductions for tax-preparation fees, investment expenses, union dues, and unreimbursed employee expenses, are eliminated. Fewer people will pay the Alternative minimum tax because the act increases the exemption level from $84,500 to $109,400 for married taxpayers filing jointly and from $54,300 to $70,300 for single taxpayers. The act repeals the ability to recharacterize Roth conversions. The act also exempts the discharge of certain student loans due to the death
Tax Cuts and Jobs Act of 2017
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prevent a loss of jobs and investments to the US. Fact-checkers such as FactCheck.Org, PolitiFact and "The Washington Post"s fact-checker have found that Trump's claims that his economic proposal and tax plan would not benefit wealthy persons like himself are likely false. An analysis by "The New York Times" found that if Trump's tax plan had been in place in 2005 (the one recent year in which his tax returns were leaked), he would have saved $11million in taxes. The analysis also found that Trump would save $4.4million on his eventual estate tax bill. Experts say that the financial windfall
Tax Cuts and Jobs Act of 2017
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to taking effect. DeSantis introduced the Let Seniors Work Act, which would repeal the Retirement Earnings Test and exempt senior citizens from the 12.4% Social Security payroll tax, and he co-sponsored a measure to eliminate taxes on Social Security benefits. DeSantis sponsored the Transportation Empowerment Act, which would transfer much of the responsibility for transportation projects to the individual states and sharply reduce the federal gas tax. DeSantis has opposed legislation to require online retailers to collect and pay state sales tax. He voted in favor of the Tax Cuts and Jobs Act of 2017. DeSantis says the bill will
Ron DeSantis
13520575
Act of 2017. Throughout the tax debate, Yoder focused his efforts on lowering the costs of child care as the lead sponsor of the Promoting Affordable Childcare for Everyone Act along with Democrat Stephanie Murphy of Florida. The two representatives met privately with Adviser to the President Ivanka Trump, who focused her efforts on child care throughout the tax debate as well, in October to pitch their legislation for inclusion in the Tax Cuts and Jobs Act. Although the bill was not eventually included in the final tax reform draft, Yoder fought alongside members of the House Ways and Means
Kevin Yoder
19950435
Tax Cuts and Jobs Act of 2017, the largest and most sweeping tax cut and tax reform bill in American history. The Act amended the Internal Revenue Code of 1986 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
History of the United States (2008–present)