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1 Nicole Kaeding, et al., Making the Tax Cuts and Jobs Act Individual Income Tax Provisions Permanent 1 (2018)

handle is hein.taxfoundation/mtxcja0001 and id is 1 raw text is: Making the Tax Cuts and Jobs Act * TO *Individual Income Tax Provisions Permanent FISCAL Nicole Kaeding Kyle Pomerleau Alex Muresianu FACT Director of Economist and Director, Research Assistant No. 597 Special Projects Center for Quantitative Analysis July 2018 Key Findings * The Tax Cuts and Jobs Act (TCJA) significantly lowered individual income tax rates and made aspects of the individual income tax code simpler primarily by reducing the attractiveness of itemizing deductions. * These individual tax code provisions are all scheduled to expire at the end of 2025. * If extended, these provisions would increase long-run GDP by 2.2 percent, long-run wages by 0.9 percent, and add 1.5 million full-time equivalent jobs. * If extended, these provisions would decrease federal revenue on a static basis by $638 billion over the 2019-2028 budget window, while on a dynamic basis, extending these provisions would lead to a loss of $576 billion in revenue over the same window. * In the long run these provisions would reduce federal revenue by $165 billion annually on a conventional basis and $112 billion dynamically. The distributional impact of making the individual side of the TCJA permanent would mean a roughly 1.5 percent increase in after-tax income for every income quintile. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization. @2018 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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