Tax Cuts and Jobs Act: Special Report — President Signs Sweeping Tax Overhaul Into Law

Author(s): Wolter Kluw­er Date: Decem­ber 2017

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Con­gress and signed by Pres­i­dent Trump. After a last-minute pro­ce­dur­al glitch that required the Sen­ate to vote first on the final bill, the most sweep­ing change to the U.S. tax code in decades cleared the Sen­ate, 51 to 48, in the ear­ly morn­ing hours of Decem­ber 20, fol­lowed by House approval, 224 to 201, lat­er the same day. Pres­i­dent Trump signed the bill into law at the White House on Decem­ber 22, 2017. H.R. 1, as approved by Con­gress, impacts vir­tu­al­ly every indi­vid­ual and busi­ness on a lev­el not seen in over 30 years. As with any tax bill, how­ev­er, there will be “win­ners” and “losers.” This his­toric bill calls for low­er­ing the indi­vid­ual and cor­po­rate tax rates, repeal­ing count­less tax cred­its and deduc­tions, enhanc­ing the child tax cred­it, boost­ing busi­ness expens­ing, and more. The bill also impacts the Afford­able Care Act (ACA), effec­tive­ly repeal­ing the indi­vid­ual shared respon­si­bil­i­ty require­ment. Most pro­vi­sions are effec­tive start­ing in 2018. IMPACT! Many of the changes to the Inter­nal Rev­enue Code in the final bill are tem­po­rary. This is true espe­cial­ly with respect to the pro­vi­sions of the bill impact­ing indi­vid­u­als. This deci­sion was made in order to keep the bill with­in bud­getary para­me­ters, but with no guar­an­tees that a future Con­gress would extend them. …

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