The Act is based on tax reform advocated by congressional Republicans and the Trump administration. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes 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 cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA). The Tax Cuts and Jobs Act of 2017 ( TCJA) is a congressional revenue act of the United States signed into law by President Donald Trump which amended the Internal Revenue Code of 1986. Signed into law by President Donald Trump on December 22, 2017.Reported by the joint conference committee on Decemagreed to by the Senate on December 20, 2017 ( 51–48) and by the House of Representatives on Decemand December 20, 2017 ( 227–203 224–201).Passed the Senate on December 2, 2017 ( 51–49).Passed the House of Representatives on November 16, 2017 ( 227–205).Committee consideration by House Committee on Ways and Means passed committee on November 9, 2017, as "Tax Cuts and Jobs Act" (24–16).1 by Kevin Brady ( R– TX) on November 2, 2017 Introduced in the House of Representatives as H.R.
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