the tax cuts and jobs act passed on december 20, 2017.
the tax cuts and jobs act passed on december 20, 2017.
when did the tax cuts and jobs act pass?
december 20 , 2017
corker was the only republican senator to vote against the senate version of the tax cuts and jobs act of 2017 before it was sent to a conference committee with the house, citing concerns about the deficit. on december 20, 2017, corker, who previously said he would "take a close look at the product developed in conference before making a decision on the final legislation," voted in favor of the tax cuts and jobs act conference report, saying, "in the end, after 11 years in the senate, i know every bill we consider is imperfect and the question becomes is our country better off with or without this piece of legislation. i think we are better off with it. i realize this is a bet on our country's enterprising spirit, and that is a bet i am willing to make."
bob corker
in december 2017, congress passed and president trump signed into law the tax cuts and jobs act of 2017. the act amended the internal revenue code of 1986 based on tax reform advocated by congressional republicans and the trump administration. major elements include reducing tax rates for businesses and individuals; a personal tax simplification by increasing the standard deduction and family tax credits, but eliminating personal exemptions and making it less beneficial to itemize deductions; limiting deductions for state and local income taxes (salt) and property taxes; further limiting the mortgage interest deduction; reducing the alternative minimum tax for individuals and eliminating it for corporations; reducing the number of estates impacted by the estate tax; and repealing the individual mandate of the affordable care act (aca). the nonpartisan congressional budget office (cbo) reported that, under the act, individuals and pass-through entities like partnerships and s corporations would receive about $1,125billion in net benefits (i.e. net tax cuts offset by reduced healthcare subsidies) over 10 years, while corporations would receive around $320billion in benefits. the individual and pass-through tax cuts fade over time and become net tax increases starting in 2027 while the corporate tax cuts are permanent. this enabled the senate to pass the bill with only 51 votes, without the need to defeat a filibuster, under the budget reconciliation process. tax cuts were reflected in individual worker paychecks as early as february 2018 and with the corporate tax rate being reduced from 35% to 21%, numerous major american corporations announced across-the-board pay raises and bonuses for their workers, expanded benefits and programs, and investments in capital improvements.
history of the united states (2008–present)