Should we amend the Internal Revenue Code in the ways this bill proposes?
Bill Summary
This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. Sponsor: Rep. Brady, Kevin [R-TX-8]
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Opponents say
• Although taxes will fall for all income groups, tax cuts as a percentage of after-tax income will be larger for higher-income groups, and low- and middle-income taxpayers will see little change in their after-tax incomes on average (compared to current law), especially in the long-run. - Tax Policy Center
• This bill creates a tax system championed by businesses; cutting the corporate tax (without adding, for e.g., a consumption tax) does not help low- and middle-income Americans economically. - CNN Money
• Simplifying tax codes by cutting brackets won’t help much -- "The real complication in the system is in the tax base, not in the rate structure. Figuring out how you calculate capital gains or figuring out whether you're eligible for the [earned income tax credit for lower-income Americans], given the child rules — once you've got that, then you just plug in the rates." - NPR Politics
• This bill creates a tax system championed by businesses; cutting the corporate tax (without adding, for e.g., a consumption tax) does not help low- and middle-income Americans economically. - CNN Money
• Simplifying tax codes by cutting brackets won’t help much -- "The real complication in the system is in the tax base, not in the rate structure. Figuring out how you calculate capital gains or figuring out whether you're eligible for the [earned income tax credit for lower-income Americans], given the child rules — once you've got that, then you just plug in the rates." - NPR Politics
Proponents say
• This bill will deliver “real tax relief to americans across the country - especially low- and middle-income Americans who have been struggling for far too long to earn a raise and get ahead” - Rep. Brady, Kevin [R-TX-8]
• Cutting the corporate tax rate, as this bill does, is imperative for promoting economic growth and ensuring the U.S. is able to maintain competitive in a global marketplace.
• Scaling back the mortgage interest tax deduction scares many, but it is necessary - there is little evidence that mortgage interest deduction encourages home ownership, and instead, there is evidence that without it the ownership rate might even be higher. - Bruce Bartlett (held senior policy roles in the Reagan and George H.W. Bush administrations)
• Cutting the corporate tax rate, as this bill does, is imperative for promoting economic growth and ensuring the U.S. is able to maintain competitive in a global marketplace.
• Scaling back the mortgage interest tax deduction scares many, but it is necessary - there is little evidence that mortgage interest deduction encourages home ownership, and instead, there is evidence that without it the ownership rate might even be higher. - Bruce Bartlett (held senior policy roles in the Reagan and George H.W. Bush administrations)
- Chairman Brady Introduces the Tax Cuts and Jobs Act
- Tax Policy Center Analysis of the Tax Cuts and Jobs Act
- How to Enjoy the Tax Cuts and Jobs Act
- Congressional Budget Office: Distribution Analysis of the Tax Cuts and Jobs Act
- Republican Plan Delivers Permanent Corporate Tax Cut
- Preliminary Details and Analysis of the Senate’s 2017 Tax Cuts and Jobs Act
- Winners and Losers AFter Paying for the Tax Cuts and Jobs Act
- Why these researchers think most Americans could end up losing under the GOP tax plan
- Will you pay more or less tax under Trump’s plan? Four Easy Charts
- The Good, Bad and Ugly of Tax Reform
