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

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                             Details and Analysis of the

                            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

                               *  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
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@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

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