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About
The Tax Cuts and Jobs Act of 2017 (TCJA) was a landmark piece of tax legislation that lowered taxes for individuals and corporations, increased investments, and encouraged economic growth. TPA encourages Congress to act now to extend key provisions in the TCJA and capitalize on a new opportunity to continue to simplify the tax code and benefit taxpayers and businesses.
Op-eds
- Most taxpayers lose if Trump tax cuts die by Faith Jablokow
- Why pro-growth tax reform worked by Karen Kerrigan
- Republicans have a chance to empty the attic in the upcoming tax debate by Daniel Bunn
- Expiring 2017 Trump Tax Cuts Create a Chance for Reform by Kevin Brady and Douglas Holtz-Eakin
- Extend 2017 Trump’s 2017 tax cuts to promote growth, but cut spending too by Veronique de Rugy
- Trump tax cuts helped everybody; it’s dangerous to consider letting them end by Matt Everson and John Hendrickson
- Congress Should Approach TCJA Expiration as a Tax Reform Opportunity by Kyle Pomerleau
- Women are hurting after 4 years of Biden – Congress must not let Trump’s 2017 tax cuts expire by Carrie Sheffield
TCJA Fast Facts
- Lowered marginal rates across all income brackets, reducing the tax burden for individuals and creating opportunities for increased economic activity.
- Doubled the standard deduction, simplifying the tax bill for many Americans.
- Lowered the corporate tax rate from 35 percent to 21 percent, encouraging investment and business growth.
- Created a cap of $10,000 for the state and local tax deduction for individual filers, simplifying the tax code across state lines.
- Enabled pass through businesses to deduct 20% of income, further contributing to business growth and stability for small businesses.
- Doubled the estate tax exemption, allowing for more flexibility for family-owned businesses to transition ownership.
- Maintained the carried interest exemption for investment managers, shifting the qualified period from 1 to 3 years. This provision is key for firms to reinvest in new businesses and contribute to economic innovation.
Resources
- Options for Navigating the 2025 Tax Cuts and Jobs Act Expirations by Erica York, Alex Durante, Huaqun Li, Garrett Watson, William McBride, Tax Foundation
- Taxes Remain a Top Issue of Concern for Small Business Owners by Raymond J. Keating, Small Business Exchange Council
- What’s the Deal with Tax Cuts and Jobs Act Expiration in 2025? By Joe Bishop-Henchman, Demian Brady, Lindsey Carpenter, Debbie Jennings, Tyler Martinez, Bryan Riley, Pete Sepp, Andrew Wilford, National Taxpayers Union
- Tax Complexity: How Long and How Much Do Income Taxes Cost? By Damien Brady, National Taxpayers Union
- Firm Investment and The User Cost of Capital: New US Corporate Tax Reform Evidence by Kevin Hassett, Joshua D. Rauh, Jonathan Hartley, Hoover Institution
- Making the Tax Cuts and Jobs Act Permanent: Two Revenue-Neutral, Pro-Growth Options for Tax Reform by Kyle Pomerleau, Donald Schneider, American Enterprise Institute
- Revenue Implications of Tax Cut and Jobs Act Provisions in 2025 by Sanam Rasool, Thibault Denamiel, William A. Reinsch, Center for Strategic and International Studies
- Slashing Tax Rates and Cutting Loopholes, by Adam N. Michel, Cato Institute