Tax Cuts and Jobs Act (2018)

URI: https://gptkb.org/entity/Tax_Cuts_and_Jobs_Act_(2018)
GPTKB entity
Statements (51)
Predicate Object
gptkbp:instanceOf gptkb:United_States_federal_law
gptkbp:affectedTaxBrackets lowered rates
gptkbp:affects gptkb:health_insurance_mandate
corporate income tax
estate tax
individual income tax
pass-through businesses
gptkbp:appliesTo tax years after December 31, 2017
gptkbp:billColor gptkb:H.R._1_(115th)
gptkbp:category gptkb:Presidency_of_Donald_Trump
gptkb:2017_in_American_law
Taxation in the United States
gptkbp:CBOEstimate $1.5 trillion deficit increase over 10 years
gptkbp:changedAlternativeMinimumTax raised exemption
gptkbp:changedBusinessInterestDeduction limited
gptkbp:changedChildTaxCredit increased
gptkbp:changedCorporateAMT eliminated
gptkbp:changedDepreciationRules bonus depreciation
gptkbp:changedEstateTaxExemption doubled
gptkbp:changedInternationalTaxation territorial system
gptkbp:changedMortgageInterestDeduction limited
gptkbp:changedNetOperatingLossDeduction limited
gptkbp:changedPassThroughIncomeTaxation 20% deduction
gptkbp:changedPersonalExemption eliminated
gptkbp:changedStandardDeduction increased
gptkbp:debatedBy gptkb:Democratic_Party
gptkb:Republican_Party
gptkbp:enactedBy gptkb:United_States_Congress
gptkbp:HouseVote 227-203
https://www.w3.org/2000/01/rdf-schema#label Tax Cuts and Jobs Act (2018)
gptkbp:limitedStateAndLocalTaxDeduction $10,000 cap
gptkbp:longTitle gptkb:An_Act_to_provide_for_reconciliation_pursuant_to_titles_II_and_V_of_the_concurrent_resolution_on_the_budget_for_fiscal_year_2018.
gptkbp:nickname gptkb:TCJA
gptkbp:opposedBy gptkb:Democratic_Party
gptkbp:publicLawNumber gptkb:Public_Law_115-97
gptkbp:purpose gptkb:tax_law
gptkbp:reducedCorporateTaxRate 35% to 21%
gptkbp:relatedTo gptkb:Internal_Revenue_Code_of_1986
gptkbp:repealedBy various sections of Internal Revenue Code
gptkbp:repealedIndividualMandatePenalty gptkb:Affordable_Care_Act
gptkbp:revenueImpact increased federal deficit
gptkbp:SenateVote 51-48
gptkbp:shortName gptkb:Tax_Cuts_and_Jobs_Act
gptkbp:signedBy gptkb:Donald_Trump
December 22, 2017
gptkbp:sponsor gptkb:Kevin_Brady
gptkbp:startDate January 1, 2018
gptkbp:sunsetProvisions many individual tax cuts expire after 2025
gptkbp:supportedBy gptkb:Republican_Party
gptkbp:bfsParent gptkb:Employee_Business_Expenses
gptkbp:bfsLayer 6