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1 Scott Greenberg, Tax Reform Isn't Done 1 (2018)

handle is hein.taxfoundation/txefomd0001 and id is 1 raw text is: Tax Reform Isn't Done FISCAL FACT No. 578 Mar. 2018 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 Scott Greenberg Senior Analyst Summary * In December 2017, Congress passed the Tax Cuts and Jobs Act (TCJA), arguably the most significant piece of tax legislation in three decades. However, there remains more work to be done on improving the U.S. tax code. * A number of major provisions in TCJA are scheduled to expire over the next eight years. Many of the expiring provisions should instead be made permanent, ideally sooner rather than later. At the same time, lawmakers should also take the opportunity to evaluate which portions of TCJA ought to be improved. * In 2021 and 2022, several policy changes are scheduled to take place which would raise taxes on U.S. business investment. Lawmakers should consider options to avert or modify these scheduled tax increases. * In 2025, most of the individual income tax changes in TCJA are set to expire. When deciding which of these to make permanent, Congress should prioritize those that broaden the individual income tax base, as well as those that make the tax code simpler and more neutral. * More broadly, TCJA did not address every area of the federal tax code in need of reform. In the future, lawmakers should scale back remaining tax expenditures, reform the tax treatment of household saving, and provide greater cost recovery for structures.

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