Who Gets a Tax Cut Under the Tax Cuts and Jobs Act?

Last Friday the House and Senate conferees signed off on a conference report resolving differences between the versions of the Tax Cuts and Jobs Act that passed each chamber. The final bill is similar to the amended Senate bill from last month, with mostly minor changes, notably, to individual income brackets, the refundability of the child tax credit, and the individual alternative minimum tax. For more details on the final Tax Cuts and Jobs act, my colleagues have written a great summary. Additionally, for more information on the revenue and economic effects of the full bill, see our preliminary analysis. To help provide a sense of how the Tax Cuts and Jobs Act would impact real taxpayers, we’ve run the taxes of eight example households. Each sample taxpayer has realistic characteristics to show how the individual income tax provisions of the bill would impact individuals and families across the income spectrum. Our results indicate a reduction in tax liability for…

Read more detail on Recent Tax Law posts –

This entry was posted in Tax Law and tagged , , , . Bookmark the permalink.

Leave a Reply