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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.
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