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1 Details and Analysis of the 2017 Tax Cuts and Jobs Act 1 (2017)

handle is hein.taxfoundation/deantxuj0001 and id is 1 raw text is: Details and Analysis of the FOUNDATION 2017 Tax Cuts and Jobs Act SPECIAL Tax Foundation Staff REPORT__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ No. 239 Nov. 2017 Key Findings * The Tax Cuts and Jobs Act would reform both individual income tax and corporate income taxes and would move the United States to a territorial system of business taxation. * According to the Tax Foundation's Taxes and Growth Model, the plan would significantly lower marginal tax rates and the cost of capital, which would lead to 3.5 percent higher GDP over the long term, 2.7 percent higher wages, and an additional 890,000 full-time equivalent jobs. * Our model estimates that the increased economic growth generated by the plan would increase federal tax revenues by $908 billion over the next decade. These new revenues would reduce the static cost of the plan substantially. Depending upon the baseline used to score the plan, current policy or current law, the new revenues could bring the plan close to revenue neutral. * On a static basis, the plan would lead to 0.9 percent higher after-tax income for all taxpayers and 3.4 percent higher after-tax income for the top 1 percent in 2027. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by 3.8 percent in the long run. * While our results differ from those of the Joint Committee on Taxation, some of these results are attributable to long-standing differences between the The Tax Foundation is the nation's two models. 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) non-profit organization. @2017 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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