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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
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@2018 Tax Foundation
Distributed under
Creative Commons CC-BY NC 4.0
Editor, Rachel Shuster
Designer, Dan Carvajal
Tax Foundation
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Washington, DC 20005
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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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