Tax Cuts and Jobs Act
Tax Cuts and Jobs Act of 2017
§ LEGISLATIONtax· 2017
What It Did
Cut the corporate tax rate from 35% to 21% permanently and reduced individual income tax rates temporarily through 2025. Doubled the standard deduction, capped the state and local tax (SALT) deduction at $10,000, and created a 20% deduction for pass-through business income. Estimated to add $1.9 trillion to the deficit over 10 years.
The Vote
House · 224–201 (conference report)
D
0 YEA · 192 NAY
R
224 YEA · 12 NAY
Senate · 51–48 (conference report)
D
0 YEA · 46 NAY
R
51 YEA · 0 NAY
Key Sponsors
→ Kevin Brady (R-TX) · House
→ Orrin Hatch (R-UT) · Senate
Sources: Congress.gov · VoteView · FRED
In the Years Following
Economic indicators related to this law, showing 5 years before through 10 years after.
Corporate Profits After Tax
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Gini Index (Inequality)
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Real Median Household Income
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Unemployment Rate
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Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.