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See also: 115th Congress on taxes, 2017-2018

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This page tracked major events and policy positions of the Trump administration and the 115th United States Congress on taxes from 2017 and 2018. This page was updated through 2018. Think something is missing? Please email us at editor@ballotpedia.org.

On December 22, 2017, President Donald Trump signed HR 1—the Tax Cuts and Jobs Act—into law. The law lowers tax rates for individuals and corporations, among other things. According to The Wall Street Journal, it is "the biggest transformation of the U.S. tax code in more than 30 years."^[1]

While signing the bill, Trump said, “This is the bill right here, we’re very proud of it... I consider this very much a bill for the middle class, and for jobs. Corporations are literally going wild for [t]his.”^[1]

On November 16, 2017, the House passed the Tax Cuts and Jobs Act by a vote of 227-205. On December 2, 2017, the Senate passed the tax bill by a vote of 51-49. All members of the Democratic Caucus and Republican Sen. Bob Corker (R-Tenn.) voted against the bill. Because there were differences between the House and Senate versions, a conference committee worked out a final, identical bill, which was released on December 15, 2017.^[2][3][4]

On December 19, 2017, the House passed the conference committee version of the Tax Cuts and Jobs Act by a vote of 227-203. The Senate then passed the bill with minor changes made during debate early on December 20, 2017, by a vote of 51-48. The House voted on the bill once again following those changes since both chambers needed to pass identical bills in order for a bill to go to the president's desk. On December 20, 2017, the House passed the final version of the bill.^[5][6] An outline of the full bill can be viewed here.

Process for passing HR 1—the Tax Cuts and Jobs Act
Step	Status	Date	Vote
House Ways and Means Committee	a	November 9, 2017	24-16
Senate Finance Committee	a	November 16, 2017	14-12
Senate Budget Committee	a	November 28, 2017	12-11
House vote	a	November 16, 2017	227-205
Senate vote to begin debate	a	November 29, 2017	52-48
Senate vote	a	December 2, 2017	51-49
House vote on motion to go to conference	a	December 4, 2017	222-192
Senate vote on motion to go to conference	a	December 6, 2017	51-47
Conference report bill	a	December 15, 2017	N/A
House vote on conference bill	a	December 19, 2017	227-203
Senate vote on conference bill	a	December 20, 2017	51-48
House vote on Senate changes	a	December 20, 2017	224-201
Signed by president	a	December 22, 2017	N/A

This page outlines major events and policy positions of the Trump administration on taxes. Click on the timeline below to learn more about each headline.

• September 12, 2018: Rettig confirmed by Senate as IRS commissioner
• Aftermath of tax bill
• December 22, 2017: Trump signs tax bill
• Conference version of tax bill

• December 15, 2017: Conference version of tax bill released
• December 19, 2017: House passes conference version of tax bill
• December 20, 2017: Senate passes final version of tax bill
• December 20, 2017: House passes bill with Senate changes

• Senate version of tax bill

• November 9, 2017: Senate GOP releases tax bill
• November 14, 2017: McConnell says tax bill will include repeal of ACA individual mandate
• November 14, 2017: Senate GOP introduces changes to tax bill
• November 16, 2017: Senate Finance Committee approves tax bill with minor change
• November 28, 2017: Senate Budget Committee approves tax bill
• November 29, 2017: Senate votes to begin debate on tax bill
• December 1, 2017: Where did Republican senators stand on the tax bill?
• December 1, 2017: What were some key differences between the House and Senate versions of the tax bill?
• December 2, 2017: Senate passes tax bill
• December 6, 2017: Senate passes motion to go to conference with House on tax bill

• House version of tax bill

• November 2, 2017: House GOP releases tax bill
• November 6, 2017: House passes amendment making changes to tax bill
• November 9, 2017: House passes amendment making changes to tax bill
• November 9, 2017: House committee approves tax bill
• November 16, 2017: House passes tax bill
• December 4, 2017: House passes motion to go to conference with Senate on tax bill

• October 26, 2017: House adopts Senate’s budget resolution, paving the way for the GOP’s tax reform plan
• October 19, 2017: Senate passes budget resolution
• October 17, 2017: Trump delivers speech on tax reform at the Heritage Foundation
• October 5, 2017: House passes budget resolution
• September 27, 2017: GOP's tax framework released
• September 6, 2017: Trump delivers speech on tax policy in Bismarck
• August 30, 2017: Trump delivers speech on tax policy in Springfield, Missouri
• April 26, 2017: Trump administration releases tax plan
• April 21, 2017: Trump issues executive order on "Identifying and Reducing Tax Regulatory Burdens"
• Trump administration officials on tax policy

September 12, 2018: Rettig confirmed by Senate as IRS commissioner[edit]

On September 12, 2018, the Senate voted 64-33 to approve the nomination of Charles Rettig as Internal Revenue Service (IRS) commissioner. All Republicans present voted with 15 Democrats to in favor of Rettig's nomination. "Democrats had few objections to Mr. Rettig himself. They used the debate over his nomination to highlight concerns with the 2017 tax law and with an IRS decision to let some nonprofit groups involved in politics submit less information about their donors," according to The Wall Street Journal.^[8]

Aftermath of tax bill[edit]

Corporations make announcements[edit]

After the tax bill was passed, a number of companies made announcements. A sampling of those can be found below.

• A press release from AT&T stated, "Once tax reform is signed into law, AT&T plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers."^[9] The company reported an effective federal tax rate of 32.7 percent for 2016.^[10]
• Boeing's press release noted "$300 million in investments that will move forward as a result of the new tax law," including $100 million each for corporate giving, workforce development, and infrastructure.^[11] Boeing reported an effective tax rate of 12.1 percent in 2016, 27.7 percent in 2015, and 23.7 percent in 2014.^[12]
• Comcast announced $1,000 bonuses to more than 100,000 frontline and non-executive employees and said the company expected to spend $50 billion on infrastructure over the next five years. The statement said that the bonuses and capital investments are partly due to the passage of the tax bill.^[13] Comcast reported a 37 percent effective tax rate in 2016.^[14]
• A Fifth Third Bancorp press release stated, "Once the legislation is signed into law, nearly 3,000 hourly employees will see their pay increase to $15 an hour" and that one-time $1,000 bonuses were expected to be distributed by the end of the year, noting, "Senior managers and executive leadership are excluded from this compensation."^[15] The company reported an effective tax rate of 24.4 percent in 2016.^[16]
• Wells Fargo pledged a number of actions once the tax bill was signed, including raising the minimum wage to $15 for U.S. workers in March 2018, a 40 percent increase in donations to nonprofits and community organizations over 2017 levels, and $100 million in resources to small businesses over three years.^[17] Wells Fargo reported a 31.5 percent effective tax rate in 2016.^[18]

Reactions[edit]

Senate Majority Leader Mitch McConnell (R-Ky.) and President Donald Trump characterized the announcements as confirmation that the tax bill's provision reducing the corporate tax rate to 21 percent would benefit workers. “I was pleased to see America’s corporations standing up almost immediately and saying employees are going to benefit,” said McConnell. Trump tweeted, “The Massive Tax Cuts...will soon be kicking in and will speak for themselves. Companies are already making big payments to workers.”^[19]

Senate Minority Leader Chuck Schumer (R-N.Y.) did not think that the announcements signaled widespread benefits to workers. A statement released by his office on December 20 said that AT&T "is the exception, not the rule, when it comes to the biggest corporations spending their windfall. … Over the past several weeks, major companies have announced an astonishing $83.7 billion in share buybacks, anticipating the passage of tax reform."^[20] (Schumer's office was referring to a practice in which companies buy their own shares to reduce the total number outstanding, thereby increasing earnings per share for shareholders.^[21])

IRS releases advisory on prepaid property taxes[edit]

On December 27, 2017, the Internal Revenue Service (IRS), stating that it had "received a number of questions from the tax community concerning the deductibility of prepaid real property taxes," released an advisory on whether prepaid 2018 property taxes would be deductible from 2017 federal taxes. The Tax Cuts and Jobs Act capped the amount of state and local sales, income, and property taxes that are deductible from federal taxes at $10,000 beginning in 2018. The IRS advisory explained that prepaid 2018 property taxes would only be deductible from 2017 federal taxes (and therefore not subject to the $10,000 cap) if they were paid before the end of 2017 and if the property taxes were assessed before 2018. Timing of property tax assessment varies by state and locality, the advisory noted.^[22]

December 22, 2017: Trump signs tax bill[edit]

On December 22, 2017, President Donald Trump signed HR 1—the Tax Cuts and Jobs Act—into law. The law lowers tax rates for individuals and corporations, among other things. According to The Wall Street Journal, it is "the biggest transformation of the U.S. tax code in more than 30 years."^[1]

While signing the bill, Trump said, “This is the bill right here, we’re very proud of it... I consider this very much a bill for the middle class, and for jobs. Corporations are literally going wild for [t]his.”^[1]

Conference version of tax bill[edit]

December 15, 2017: Conference version of tax bill released[edit]

On December 15, 2017, the House-Senate conference committee released the conference version of HR 1—the Tax Cuts and Jobs Act. It includes the following:^[23][24]

• Seven individual tax brackets of 10, 12, 22, 24, 32, 35, and 37 percent. The top rate would fall from the current 39.6 percent.
• Eliminates the personal exemption but increases the standard deduction to nearly double its current level. It would go to $12,000 for an individual or $24,000 for a family.
• Child tax credit doubles to $2,000 per child from $1,000. It would be refundable up to $1,400 and start to phase out at $400,000 in income. It would end after 2025.
• Twenty percent deduction for pass-through businesses. It phases out the deduction at $315,000 of joint income.
• Corporate tax rate set at 21 percent.
• Eliminates the individual mandate that requires most Americans to buy health insurance or pay a penalty under the Affordable Care Act (ACA) in 2019.
• Eliminates the corporate alternative minimum tax, and increases the exemption from the individual AMT.
• Keeps the estate tax, but the exemption from it would be doubled.
• Allows the deduction of up to $10,000 in state and local sales, income, or property taxes.
• Keeps tax breaks for charitable contributions and retirement savings plans.
• Opens the Arctic Wildlife Refuge to oil drilling.
• Sets corporate repatriation rate at 8 percent on illiquid assets and 15.5 percent on cash.

December 19, 2017: House passes conference version of tax bill[edit]

On December 19, 2017, the U.S. House of Representatives passed the conference committee version of HR 1—the Tax Cuts and Jobs Act—by a vote of 227-203. Two hundred and twenty-seven Republicans and no Democrats voted in favor of the bill. One hundred and ninety-one Democrats and 12 Republicans voted against the bill. Two Democrats—Mark Pocan (Wis.) and Joseph Kennedy (Mass.)—did not vote.^[5]

Following the vote, President Donald Trump tweeted, "Congratulations to Paul Ryan, Kevin McCarthy, Kevin Brady, Steve Scalise, Cathy McMorris Rodgers and all great House Republicans who voted in favor of cutting your taxes!"^[26] House Speaker Paul Ryan (R-Wis.) said to reporters, "This is one of the most important pieces of legislation that Congress has passed in decades to help the American worker, to help grow the American economy. This is profound change, and this is change that is going to put our country on the right path."^[27]

House Minority Leader Nancy Pelosi (D-Calif.) tweeted on Tuesday, "There are few things more disturbing than hearing the swell of cheers from the @HouseGOP as they raise taxes on 86 million middle class families."^[28]

Eleven of the 12 Republicans who voted against the conference version of the bill represent districts in California, New Jersey, or New York, states that have relatively high taxes and that may, therefore, be more affected by the reduction of state and local tax deductions than most other states. Rep. Darrell Issa (R-Calif.), who voted against the bill, said, “Many in my area could face higher taxes under this plan. … I will not make the incredible tax burden they already endure even worse." Rep. Lee Zeldin (R-N.Y.), who also voted against the bill, said, “This bill remains a geographic redistribution of wealth, taking extra money from a place like New York to pay for deeper tax cuts elsewhere.”^[29]

Rep. Dan McClintock (R-Calif.), who voted against the initial House version but for the conference version of the bill, said of his changed vote, “A lot of it is the overall rate reductions that they built in. … Even families losing tens of thousands of dollars in deductions still end up paying lower tax because of the rate reductions.”^[30]

The following 12 Republicans voted against the bill.

Each of the Republican representatives who voted against the conference version of the tax bill also voted against the initial House version of the bill, which passed the chamber on November 16, 2017.^[3]

December 20, 2017: Senate passes final version of tax bill[edit]

On December 20, 2017, the U.S. Senate passed the final version of HR 1—the Tax Cuts and Jobs Act—by a vote of 51 to 48. Of the chamber's 52 Republicans, 51 voted for the bill. The chamber's 46 Democrats and both independents voted against the bill. One senator, John McCain (R), did not vote. McCain had returned to Arizona on December 17 to recover from chemotherapy.^[32]

During debate before the Senate vote, the chamber struck provisions from the bill pertaining to the expansion of tax-exempt savings accounts for homeschooling and criteria that would determine whether universities must pay an excise tax on investment income. The provisions were found by the parliamentarian to violate the Senate's procedural rules for reconciliation legislation.^[33][34] The House needed to vote on the exact bill passed by the Senate in order for the bill to go to the president's desk.

December 20, 2017: House passes bill with Senate changes[edit]

On December 20, 2017, the House passed the final version of the tax bill by a 224-201 vote. No Democrats voted for the bill. One hundred and eighty-nine Democrats and 12 Republicans (the same 12 who voted against the conference version on December 19) voted against it. Three Republicans and four Democrats did not vote.^[6]

Senate version of tax bill[edit]

November 9, 2017: Senate GOP releases tax bill[edit]

On November 9, 2017, the Senate released its version of the tax bill, and it had some key differences from the House, including a delay in the corporate tax-rate cut, the number of individual tax brackets, and the tax rate for pass-through businesses, among other things. Lawmakers had to work out these differences before voting on a final bill. The bill proposed the following:^[35][36]

• Keeps the seven-bracket tax structure: 10, 12, 22.5, 32.5, 35, 38.5 percent. The top rate of 38.5 percent would start at $1 million for married couples and $500,000 for individuals.
• Cuts the corporate tax rate from 35 percent to 20 percent. The cut would be delayed until 2019.
• Increases standard deduction to $12,000 for individuals and $24,000 for married couples.
• Expands the child tax credit from $1,000 to $1,650 and phases out for married couples making $1 million.
• Eliminates the state and local tax deduction, including property taxes.
• Keeps the 40 percent estate tax, but doubles the estate tax exemption to a maximum of $11 million per person.
• Creates a 17.4 percent deduction for pass-through business income.
• Keeps the adoption tax credit.
• Keeps the charitable contribution deduction.
• Keeps the mortgage interest deduction for homes up to $1 million.
• Keeps the medical expense deduction.
• Repeals the alternative minimum tax.
• Doubles the exemption from the estate tax.

November 14, 2017: McConnell says tax bill will include repeal of ACA individual mandate[edit]

On November 14, 2017, Senate Majority Leader Mitch McConnell (R-Ky.) said that the Senate tax bill would include language to repeal the Affordable Care Act’s (ACA) individual mandate that requires every individual to obtain health insurance and carries fines for those who do not. McConnell said, “We’re optimistic that inserting the individual mandate repeal would be helpful and that’s obviously the view of the Senate Finance Committee Republicans as well.” The decision was made to earn the support of Sens. Tom Cotton (R-Ark.), Ted Cruz (R-Texas), and Rand Paul (R-Ky.).^[37]

Cotton commented on the decision to include the repeal of the individual mandate in the tax bill, saying, “I’m pleased the Senate Finance Committee has accepted my proposal to repeal the Obamacare individual mandate in the tax legislation. Repealing the mandate pays for more tax cuts for working families and protects them from being fined by the IRS for not being able to afford insurance that Obamacare made unaffordable in the first place. I urge the House to include the mandate repeal in their tax legislation."

November 14, 2017: Senate GOP introduces changes to tax bill[edit]

On November 14, 2017, the Senate Finance Committee released changes to the tax bill. It included the following:^[38][39]

• Increases the child tax credit to $2,000. The tax credit would phase out for married couples at $500,000.
• Elimination of the Affordable Care Act’s individual mandate.
• Individual tax cuts would expire on Dec. 31, 2025.
• ”Taxpayers generating taxable income of up to $500,000 (married filing jointly) / $250,000 (all others) would be exempt from the W-2 wage limitation that otherwise might limit taxpayers from obtaining the full benefit of the 17.4 percent deduction on their qualifying pass-through income.”

Senate Finance Committee Chairman Orrin Hatch (R-Utah) commented on the changes, saying, “Remaking the tax code in a way that will lift hardworking, middle-class families has been among the chief goals of our effort. By scrapping this unpopular tax from an unworkable law, we not only ease the financial burdens already associated with the mandate, but also generate additional revenue to provide more tax relief to these individuals. In this revised mark, Americans families will see the child tax credit double and individual rates dip even further. Additionally, the modified mark creates more permanence in our tax system so that American job creators can invest in the long term, grow their business and create new jobs.”^[38]

Senate Minority Leaders Chuck Schumer (D-N.Y.) criticized the provision that would repeal the ACA's individual mandate. He said, "The Republicans cannot expect to pass their own separate ideological health-care provision and then turn around and ask Democrats to vote to pass Alexander-Murray. ... It may help Republicans in the Senate give a larger tax break to the rich, but it hurts millions of Americans seeking affordable health insurance. Any Republican senator who thinks they can pass the individual mandate and then turn around and get Murray-Alexander passed is dead wrong." Schumer was referring to a bill introduced by Sens. Lamar Alexander (R-Tenn.) and Patty Murray (D-Wash.) that would fund ACA payments to insurers for two years. The bill would need bipartisan support for passage.^[40]

November 16, 2017: Senate Finance Committee approves tax bill with minor change[edit]

On November 16, 2017, by a vote of 14-12 along party lines, the Senate Finance Committee approved its version of the tax bill. According to The Wall Street Journal, "The changes included a minor alteration in the tax treatment of carried interest, which would require investment managers to hold assets for at least three years to get lower long-term capital gains rates."^[41]

November 28, 2017: Senate Budget Committee approves tax bill[edit]

On November 28, 2017, the Senate Budget Committee approved the tax bill by a vote of 12-11 along party lines. Before the vote, Sens. Ron Johnson (R-Wis.) and Bob Corker (R-Tenn.) had considered voting against the bill, if their concerns with the bill were not addressed. Ultimately, both voted to approve the bill.^[42]

November 29, 2017: Senate votes to begin debate on tax bill[edit]

On November 29, 2017, the Senate voted to begin debate on the Tax Cuts and Jobs Act by a vote of 52-48, along party lines. The vote allowed for 20 hours of additional debate on the tax bill followed by a vote-a-rama. During a vote-a-rama, any senator can force a vote on any amendment.^[43]

Before the vote, Senate Majority Leader Mitch McConnell (R-Ky.) asked senators who were uncertain about some parts of the bill to vote to begin debate. He said, “I encourage any member who thinks that we need to fix the problems of our outdated tax code to vote to proceed to the legislation. I urge them to vote for the motion to proceed and offer their amendments. ...The bottom line is this: we must vote to begin debate.” All Republicans voted to begin debate.^[43]

December 1, 2017: Where did Republican senators stand on the tax bill?[edit]

See also: 115th Congress on taxes, 2017-2018

On December 1, 2017, Senate leaders announced that 51 Republicans would vote for the tax bill to secure passage. Sen. Bob Corker (R-Tenn.) was the only Republican who said that he would vote against the bill. For a detailed explanation of where senators stood on the tax bill before the December 2, 2017, vote, click here.

December 1, 2017: What were some key differences between the House and Senate versions of the tax bill?[edit]

There were many differences between the House and Senate versions of the tax bill. Both chambers had to agree on a final, identical bill before holding a final vote. The House and Senate versions differed in the following ways:

December 2, 2017: Senate passes tax bill[edit]

On December 2, 2017, the Senate passed the tax bill by a vote of 51-49. All members of the Democratic Caucus and Republican Sen. Bob Corker (R-Tenn.) voted against the bill.^[4]

After the vote, Senate Majority Leader Mitch McConnell (R-Ky.) said, "This is a great day for the country. We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief for the middle class."^[44]

December 6, 2017: Senate passes motion to go to conference with House on tax bill[edit]

On December 6, 2017, the Senate approved a motion to go to conference with the House on the tax bill by a vote of 51-47. Sens. Lamar Alexander (R-Tenn.) and Al Franken (D-Minn.) did not vote. The Senate and House bill had some key differences, including the number of tax brackets, a delay in the corporate tax rate cut, the child tax credit, the tax rate for pass-through businesses, and repealing ObamaCare's individual mandate, among other things. Lawmakers had to work out these differences before voting on a final bill.^[45]

House version of tax bill[edit]

November 2, 2017: House GOP releases tax bill[edit]

On November 2, 2017, the House GOP released its tax bill, which proposes “the biggest transformation of the U.S. tax code in more than 30 years,” according to The Wall Street Journal. The bill proposed the following:^{[46][47][48][49]}

• Permanent cut of the corporate tax rate from 35 percent to 20 percent.
• Repeal of the Alternative Minimum Tax.
• Repeal of deduction for student-loan interest.
• Reduction of tax brackets from seven to three: 12, 25, and 35 percent. Individuals earning less than $24,000, and married couples less than $48,000, would pay no income tax. In addition, those earning more than $1 million would pay 39.6 percent.
• 10 percent global minimum tax on foreign subsidiaries.
• Expansion of the standard deduction, from $12,700 to $24,000 for married couples and from $6,530 to $12,000 for individuals.
• Doubling of estate tax exemptions until 2024, at which point it will be repealed.
• Child tax credit of $1,600, and $300 per person credit for filers and non-child dependents, expiring after five years.
• Limiting home interest deduction to loans up to $500,000, down from the current $1 million.
• Elimination of the medical expense deduction.
• Limiting state and local tax deductions to property tax deductions capped at $10,000.

Some elements of the tax bill, including the proposed cap on the mortgage-interest deduction on new home sales, the repeal of state and local tax deductions, and the tax rate on multinational companies’ accumulated offshore earnings, were met with opposition. In response to the opposition, Brady said, “Are there some areas where we’ve asked people to bring solutions? Yeah.”^[50]

November 6, 2017: House passes amendment making changes to tax bill[edit]

On November 6, 2017, the House Ways and Means Committee voted 24-16, along party lines, to approve an amendment offered by Rep. Kevin Brady (R-Texas), chairman of the House Ways and Means Committee.

The amendment included the following, according to Brady and The Wall Street Journal:^[51][52]

• Delays “the repeal of tax-free savings accounts for dependent care” through December 31, 2022.
• Denies “lower long-term capital gains rates on carried interest to assets held for fewer than three years, instead of one year.”
• Changes “to a 20% excise tax on payments from companies in the U.S. to related foreign companies.”
• Alters “a tax on private university endowments to affect schools with endowments of more than $250,000 per student, instead of $100,000 per student.”

November 9, 2017: House passes amendment making changes to tax bill[edit]

On November 9, 2017, the House Ways and Means Committee voted 24-16, along party lines, to approve an amendment offered by Rep. Kevin Brady (R-Texas), chairman of the House Ways and Means Committee.

The amendment included the following, according to Brady and The Wall Street Journal:^[53]

• Creation of “a new 9% tax rate for certain income received by small businesses.”
• Requires “companies to spread their deductions for research expenses over five years in many cases and 15 years in other instances.”
• Alters “a 20% excise tax on payments from U.S. companies to related foreign firms.
• Alters “the rules for when charities can engage in political speech. Currently, they are prohibited from doing so or risk losing their tax exemptions. Under the proposal, they could engage in such speech in the course of their ordinary activities and as long as their expenses are minimal. That's broader than the previous version, which had applied only to religious organizations. The expanded version would expire after 2023.”
• Preserves the adoption tax credit.^[54]

November 9, 2017: House committee approves tax bill[edit]

On November 9, 2017, the House Ways and Means Committee approved the tax bill by a vote of 24-16 along party lines.^[55]

November 16, 2017: House passes tax bill[edit]

By a vote of 227-205, the House passed HR 1—the Tax Cuts and Jobs Act. Two hundred and twenty-seven Republicans and no Democrats voted in favor of the bill. One hundred and ninety-two Democrats and 13 Republicans voted against the bill.^[3]

After the bill passed, Trump congratulated House Republicans, writing in a tweet, "Congratulations to the House of Representatives for passing the #TaxCutsandJobsAct — a big step toward fulfilling our promise to deliver historic TAX CUTS for the American people by the end of the year!"^[57]

All of the Republicans who voted against the bill, with the exception of Rep. Walter Jones (R-N.C.), represented states with high taxes. They opposed the bill because it "would eliminate the deduction for state and local income and sales taxes and cap the property-tax deduction at $10,000," according to The Hill. Rep. Lee Zeldin (R-N.Y.) said, “I just have too many constituents who are going to see their taxes go up or not see the benefit of the tax relief."^[58]

The following Republicans voted against the bill:

December 4, 2017: House passes motion to go to conference with Senate on tax bill[edit]

On December 4, 2017, the House approved a motion to go to conference with the Senate on the tax bill by a vote of 222-192. The Senate and House bill had some key differences, including the number of tax brackets, a delay in the corporate tax rate cut, the child tax credit, and the tax rate for pass-through businesses, among other things. Lawmakers had to work out these differences before voting on a final bill.^[59]

October 26, 2017: House adopts Senate’s budget resolution, paving the way for the GOP’s tax reform plan[edit]

On October 26, 2017, by a vote of 216-212, the House passed the Senate’s version of the budget, which is the first step towards tax reform. Two hundred and sixteen Republicans and no Democrats voted for the resolution. One hundred and ninety-two Democrats and 20 Republicans voted against the resolution. The House voted to pass the Senate's version of the budget instead of going to conference to reconcile differences between the House and Senate resolutions. Passing the budget resolution is the first step for Republicans to initiate the reconciliation process, which is what they will use to pass their tax reform package. Reconciliation prevents Democrats from filibustering the tax proposal and allows Republicans to pass it with a simple majority of 51 votes in the Senate, instead of the usual 60-vote requirement.

The budget resolution proposed maintaining spending at 2017 levels for the year. It proposed cutting nondefense spending in subsequent years, with a $106 billion cut in 2027. It proposed allowing defense spending levels to continue rising at their current rates, reaching $684 billion in 2027. It also proposed cutting $473 billion from Medicare’s baseline spending and about $1 trillion from Medicaid over 10 years. It also allows for tax cuts that reduce revenues and increase deficits by $1.5 trillion over a decade.

Budget resolutions are nonbinding, and they do not require the president’s signature.

The following Republicans voted against the resolution: Reps. Justin Amash (Mich.), Ken Buck (Colo.), Dan Donovan (N.Y.), John Duncan (Tenn.), John Faso (N.Y.), Brian Fitzpatrick (Pa.), Matt Gaetz (Fla.), Lynn Jenkins (Kan.), Walter Jones (N.C.), John Katko (N.Y.), Pete King (N.Y.), Leonard Lance (N.J.), Frank LoBiondo (N.J.), Tom MacArthur (N.J.), Thomas Massie (Ky.), Mark Sanford (S.C.), Chris Smith (N.J.), Elise Stefanik (N.Y.), Claudia Tenney (N.Y.), and Lee Zeldin (N.Y.).

October 19, 2017: Senate passes budget resolution[edit]

On October 18, 2017, by a vote of 51-49, the Senate passed a budget resolution, a key step in moving towards tax reform. A budget resolution had to be passed before moving on to tax reform. One major difference between the House and Senate budget resolutions was that the Senate version allowed for tax cuts that reduced revenues and increased deficits by $1.5 trillion over a decade, while the House version called for revenue-neutral tax legislation that would not increase deficits.^[62]

Budget resolutions are nonbinding, and they do not require the president’s signature.

The Trump administration released the following statement on the passage of the budget resolution:

October 17, 2017: Trump delivers speech on tax reform at the Heritage Foundation[edit]

On October 17, 2017, Trump delivered a speech on tax reform at the Heritage Foundation. He said that the plan would help the middle class by increasing the standard deduction, increasing the child tax credit, and simplifying the tax code. He said, “The first $12,000 for a single individual and the first $24,000 for a married couple will be tax-free. We are nearly doubling the zero bracket, and we substantially increased the child tax credit for working families. ...To save Americans precious time and money, we are also simplifying the tax code.”^[65]

Trump said that his tax plan would reduce taxes on businesses. He said, “In addition to simplification, the other pillar of our tax plan is reducing our crushing business tax...We will cut the corporate tax rate from 35 percent all the way down to not more than 20 percent. … And for small business that file taxes as sole proprietors, S corporations, and partnerships, we will cap the top tax rate at a maximum of 25 percent.”^[65]

Trump also noted that the plan would end the estate tax and bring back trillions of dollars held overseas.^[65]

He called on supporters of the Heritage Foundation to help pass his administration’s tax reform plan. He said, “Working closely with the Heritage Foundation, Ronald Reagan cut taxes to unleash the economic miracle of the 1980s. You understand that lower taxes mean bigger paychecks, more jobs and stronger growth. At the heart of our plan is a tax cut for everyday working Americans. … The Heritage Foundation can once again help make history by helping to take this incredible idea, this proven idea, this tax cut [and] making it a reality for millions and millions of patriotic Americans.”^[66]

October 5, 2017: House passes budget resolution[edit]

On October 5, 2017, by a vote of 219-206, the House passed a budget resolution, a key step in moving towards tax reform. A budget resolution had to be passed before moving on to tax reform. The resolution proposed $6.5 trillion in deficit reduction over 10 years. It proposed setting overall discretionary spending for fiscal year 2018 at $1.132 trillion. It proposed tax reform and increased defense and national security spending. It assumed that the American Health Care Act of 2017 would pass. It also proposed cuts to Medicare and nondefense programs.^[68]

The Senate approved its budget resolution on October 19, 2017. A final budget resolution was passed on October 26, 2017.

Budget resolutions are nonbinding, and they do not require the president’s signature.

September 27, 2017: GOP's tax framework released[edit]

On September 27, 2017, President Donald Trump and congressional Republicans released their tax plan—the "Unified Framework For Fixing Our Broken Tax Code." The proposal called for a reduction of income tax brackets from seven to three, with rates of 12 percent, 25 percent, and 35 percent. It called for a doubling of the standard deduction from $6,000 to $12,000 for single filers and $12,000 to $24,000 for married couples. It called for a reduction of the corporate tax rate from 35 percent to 20 percent and a reduction of the small business tax from 39.6 percent to 25 percent. The framework also proposed increasing the child tax credit, eliminating state and local tax deductions, and repealing the Alternative Minimum Tax, among other things.The plan was not a complete tax bill and left several figures and details for the tax-writing committees to work out.^{[69][70][71][72]}

In a speech announcing the tax proposal, Trump said, "This is a once-in-a-generation opportunity, and I guess it's probably something I can say that I'm very good at. I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans, and we are going to bring back the jobs and wealth that have left our country -- and most people thought left our country for good."^[73]

The plan called for the following changes in the tax code:

• Reduction of income tax brackets from seven to three, with proposed rates of 12 percent, 25 percent, and 35 percent. The plan proposed allowing for the possibility of a fourth bracket above 35 percent.
• Doubling of standard deduction from $6,000 to $12,000 for single filers ($12,000 to $24,000 for married couples).
• Increase in child tax credit. A specific figure was not provided.
• Elimination of state and local tax deductions, among other itemized deductions.
• Elimination of $4,050 personal exemption.
• Repeal of the Alternative Minimum Tax, a tax that typically affects those making between $200,000 and $1,000,000.
• Repeal of the estate tax.
• Reduction of the corporate tax rate from 35 percent to 20 percent.
• Reduction of small business tax from 39.6 percent to 25 percent.
• Changes to taxation of multinational firms. Currently, these firms pay 35 percent on overseas profits brought back to the United States. The framework called for no longer taxing the overseas profits in favor of a tax of the government where the profit was made.
• Addition of a minimum foreign tax on multinational firms.
• Addition of a one-time tax rate for corporate repatriation.

September 6, 2017: Trump delivers speech on tax policy in Bismarck, North Dakota[edit]

On September 6, 2017, during a speech in Bismarck, North Dakota, Trump discussed his administration's tax plan. He said, "Our painful tax system has become a massive barrier to America’s economic comeback. It really is; we're penalized. It costs us millions of American jobs, trillions of dollars, and billions of hours wasted on paperwork and on compliance. Our tax code is a giant self-inflicted economic wound. ... My administration is working with Congress to develop a plan that will deliver more jobs, higher pay, lower taxes for businesses of all sizes and middle-class families all across the nation. So it's not only business taxes, it's middle-income families, it's families at every level -- every level, tax cuts. Our tax plan represents a sharp reversal from the failed policy of the past. America’s high tax rates punish companies for doing business in America and encourages them to move to other countries."^[74]

In his speech, Trump laid out his four principles for tax reform. They appear below.^[74]

• Simplify the tax code: "First, we need a tax code that is simple, fair, and easy to understand -- unlike what we have."

• Cut taxes for middle-class families: "Second, we will cut taxes for middle-class families. This is a major, major tax cut -- the biggest since Ronald Reagan. ...So we will provide tax relief to middle-income families through a combination of benefits, such as raising their standard deduction, increasing the child tax credit, and lowering tax rates substantially."

• Cut taxes for businesses: "Third, we need a tax code that restores our competitive edge so we can create more jobs and higher wages for American workers. Our plan will provide tax relief to businesses of all sizes. And we will cut the business tax rate as much as possible. Ideally, we would like to bring our business tax rate down to around 15 percent. ... But we'll also dramatically reduce the tax rate for America’s small businesses which have created more than 60 percent of new private-sector jobs in the recent past. Tax relief is on the way for millions of sole proprietors, LLCs, and partnerships who report their income to their personal -- and they do this -- they put it on their personal tax returns. People think of it as a business, but it's on their personal tax returns. Those people, with those businesses, will be tremendous beneficiaries. ...Tax reform will also benefit mid-sized businesses."

• Encourage companies to bring wealth earned overseas back to the U.S.: "And finally, we must bring back trillions of dollars in wealth that's parked overseas and just can't come back. Our tax system penalizes companies that bring wealth they have earned overseas back to America. As a result, corporations have parked trillions of dollars in foreign countries -- money that could be and should be brought back into the United States where it can be invested in America companies, in American jobs, and American workers. Our tax plan will give these companies a chance to bring back these funds -- and bring them back and spend it in cities and towns all across our country. The numbers you're talking about are staggering. We’re going to be switching from a worldwide tax system that encourages companies to keep their funds offshore to a territorial system that encourages companies to bring their profits back home to America where that money belongs."

August 30, 2017: Trump delivers speech on tax policy in Springfield, Missouri[edit]

During a speech on August 30, 2017, in Springfield, Missouri, Trump discussed his four principles for tax reform, introduced his administration's economic model, and called on Congress to pass his administration's tax proposal.^[75]

Trump first introduced his principles for tax reform, saying that he wanted to simplify the tax code, cut taxes for middle-class families, cut taxes for businesses, and encourage companies to bring wealth earned overseas back to the U.S. He then introduced his administration's economic model: "The American Model." He said, "Under this system, we will encourage companies to hire and grow in America, to raise wages for American workers, and to help rebuild our American cities and communities. That is how we will all succeed and grow together, as one team, with one shared sense of purpose, and one glorious American destiny."^[75]

He concluded his speech by calling on Congress to pass tax legislation. He said, "So today I’m calling on all members of Congress -- Democrat, Republican and independent -- to support pro-American tax reform. They have to do it. It’s time. They have to do it. It is time. I’m calling on Congress to provide a level playing field for our workers and our companies, to attract new companies and businesses to our shores, and to put more money into the pockets of everyday, hardworking people and also into the pockets of our companies so they can continue to grow and expand."^[75]

April 26, 2017: Trump administration releases tax plan[edit]

Released on April 26, 2017, Trump's tax plan outlined several changes the administration wanted to make to the tax code. According to the administration, the desired changes would be revenue-neutral and simplify the tax code via the elimination of seven tax brackets in favor of three and the elimination of certain kinds of taxes.^[76]

Trump's tax plan called for the following:^[76]

• Reduction of seven tax brackets to three;
• Elimination of income taxes for singles with income under $25,000 and couples under $50,000;
• Reduction of the corporate tax rate to 15 percent maximum;
• Elimination of the estate tax; and
• Elimination of tax loopholes.

The plan proposed three income tax brackets. Under Trump's plan, single filers making less than $25,000 would pay 0 percent, those making $25,000 to $50,000 would pay 10 percent, those making $50,000 to $150,000 would pay 20 percent, and those making more than $150,000 would pay 25 percent. Joint filings would fit into the same brackets, but at less than $50,000, $50,000 to $100,000, $100,001 to $300,000, and above $300,000 brackets. The plan estimated that this would remove about 50 percent of current filers from income tax rolls entirely.^[76]

According to the administration, the plan would reduce the amount of households paying income taxes by over 73 million, with over 31 million receiving simplification in their taxes. The plan also called for a one-time repatriation of corporate funds held overseas at a 10 percent tax rate. According to the administration, the combination of repatriation taxes and the removal of tax loopholes make the plan revenue neutral.^[76]

Support for Trump's tax policy[edit]

On April 26, 2017, the day the play was released, House Speaker Paul Ryan (R) stated that the Trump administration's plan was similar to the House plan and that the two were working to reach consensus. In a conference with House GOP members, Ryan said, "We've been briefed on what they're going to do and it's basically along exactly the same lines that we want to go. We see this as progress is being made and we're moving and getting on the same page."^[77]

On the day of the plan's release, the Cato Institute praised the proposal, saying that, "All in all, the Trump proposals push tax reform in a good direction. Trump, his advisors, and House leaders seem to understand the urgency of passing major tax reforms." Cato praised the repeal of the estate tax and the reduction of tax brackets. Michael Tanner, a senior fellow at Cato, praised the reduction of the corporate tax rate. Tanner wrote that "lower corporate-tax rates should draw broad bipartisan support. As a reform, corporate-tax cuts are far more likely to help workers than trade wars or minimum-wage hikes. It is hard to see why — beyond reflexive 'resistance' to Trump — anyone would oppose the idea."^[78][79]

Opposition to Trump's tax policy[edit]

In a report released on October 18, 2016, the Tax Policy Center (TPC) analyzed the tax proposals Trump made during his campaign. The TPC report concluded that the Trump's proposed tax changes would result in the largest benefits going to the highest-income households and would decrease federal revenue by $6.2 trillion over the first decade. The TPC predicted that this drop in revenue would lead to a rise in the federal debt of $7.2 trillion by 2026 and $20.9 trillion by 2036.^[80]

Trump's tax plan faced opposition from Republicans and Democrats in Congress. Senator Orrin Hatch (R-Utah) said he was not opposed to tax cuts, but he questioned whether they would address the deficit and if a corporate tax rate of 15 percent was appropriate. He said, "I’m not convinced that cutting taxes is necessarily going to blow a hole in the deficit; I actually believe it could stimulate the economy and get the economy moving. Now, whether 15 percent is the right figure or not, that’s a matter to be determined.” Representative Leonard Lance (R) praised portions of the plan, but opposed others, saying, "One provision I oppose is the elimination of the state and local tax deduction. New Jersey taxpayers would lose under that plan. I will be a leading voice in negotiations for maintaining that deduction.^[81][82]

Comparisons to current policy[edit]

Income tax[edit]

The Trump administration's plan would reduce the number of tax brackets from seven to three and exclude those making under certain incomes from paying income taxes. The income for each tax bracket would differ depending on whether the tax was filed as a single or jointly.^[83]

Single income tax[edit]

The marginal income tax rates for 2017 were divided into seven brackets. For single taxable income, the brackets were as follows:

• $0 – $9,325: 10%
• $9,326 – $37,950: 15%
• $37,951 – $91,900: 25%
• $91,901 – $191,650: 28%
• $191,651 – $416,700: 33%
• $416,701 – $418,400: 35%
• $418,401+: 39.6%

The Trump administration's plan would reduce the tax brackets to three and remove those under $25,000 from paying income taxes.

• $0-$25,000: 0%
• $25,000 – $50,000: 10%
• $50,000 – $150,000: 20%
• $150,000+: 25%

Joint income tax[edit]

The marginal income tax rates for 2017 were divided into seven brackets. For joint taxable income, the brackets were as follows:

• $0 – $18,650: 10%
• $18,651 – $75,900: 15%
• $75,901 – $153,100: 25%
• $153,101 – $233,350: 28%
• $233,351 – $416,700: 33%
• $416,701 – $470,700: 35%
• $470,701+: 39.6%

The Trump administration's plan would reduce the tax brackets to three and remove those under $50,000 from paying income taxes.

• $0 – $50,000: 0%
• $50,000 – $100,000: 10%
• $100,101 – $300,000: 20%
• $300,000+: 25%

Corporate tax[edit]

The marginal corporate tax rates for 2017 were divided into eight brackets as follows:^[84]:

• $0 – $50,000: 15%
• $50,000 – $75,000: 25%
• $75,000 – $100,000: 34%
• $100,000 – $335,000: 39%
• $335,000 – $10,000,000: 34%
• $10,000,000 – $15,000,000: 35%
• $15,000,000 – $18,333,333: 38%
• $18,333,333+: 35%

The Trump administration's plan would reduce the corporate tax rate to a flat 15 percent with no brackets.

April 21, 2017: Trump issues executive order on "Identifying and Reducing Tax Regulatory Burdens"[edit]

On April 21, 2017, Trump issued an executive order directing Secretary of the Treasury Steven Mnuchin to review all tax regulations and submit a report identifying regulations that met the following criteria:

• "impose an undue financial burden on United States taxpayers;"
• "add undue complexity to the Federal tax laws;" or
• "exceed the statutory authority of the Internal Revenue Service."

Below is the full text of the executive order issued by President Donald Trump on April 21, 2017:^[85]

Trump administration officials on tax policy[edit]

Donald Trump[edit]

President Donald Trump[edit]

• During an event on taxes in White Sulphur Springs, West Virginia, on April 10, 2018, Trump said, “I mean, we didn’t get one Democrat vote for tax cuts. And when you think about it, it was more than tax cuts — because we got rid of the individual mandate. When you get rid of the individual mandate — that was a disaster. That was the most unpopular aspect of Obamacare. This is where you have the privilege of paying a lot of money in order to not to have to pay for healthcare. Right? That’s not too good. And we got it out in our tax cut plan. And we also got ANWR — energy. Big energy. We’re — I’m into the world of energy, as you know. And nobody does it better than you folks. So it’s very important to me.”^[86]

• On October 23, 2017, Trump wrote in a tweet, "There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!"^[87]

• On April 26, 2017, Trump released an outline of his tax plan. The plan incorporated many of the changes promised during his presidential campaign, including the reduction of the corporate tax rate from 35 to 15 percent, reduction of tax brackets from seven brackets to three, and elimination of the estate tax.^[76]

• During his 2016 presidential campaign, Trump voice support for middle-class tax cuts and simplification of the tax code. In his "Contract with the American Voter," Trump said that under his plan, "The largest tax reductions are for the middle class. A middle-class family with two children will get a 35% tax cut. The current number of brackets will be reduced from seven to three, and tax forms will likewise be greatly simplified. The business rate will be lowered from 35% to 15%, and the trillions of dollars of American corporate money overseas can now be brought back at a 10% rate."^[88]

Mike Pence[edit]

Vice President Mike Pence[edit]

• On October 17, 2017, during a speech in Lancaster, New York, Pence discussed the administration's tax plan. He said, "First and foremost, we're going to cut taxes across the board for working families. We're going to lower tax rates from seven brackets down to three. We're going to increase the standard exemption by doubling it to some $24,000 so that for the average working family, your first $24,000 in income will be tax-free. And we’ll increase the per-child tax credit. So as the President says, this is a middle-class miracle. This tax cut is first and foremost designed to help American families struggling too often to make ends meet to have more dollars in their pockets. ... Secondly, the President and I believe that the tax code is too complicated. ... Under the President’s plan, 90 percent of the American people will be able to file their taxes on one piece of paper without professional help. ... But lastly, sitting here at this great American success story, Performance Advantage Company, this businessman-turned-President believes that it’s also high time that America lowered taxes on American businesses so that companies here in New York can compete with companies around the world and create jobs right here in Lancaster and in Erie County. The President’s plan is to lower corporate taxes from 35 percent, which is one of the highest in the industrialized world, down to 20 percent, which will be below the international average in Western countries. And we're also -- Dick and Jim, we're going to lower taxes on small businesses that file their taxes as individuals, as maybe some around this table do, as well. Lowering it from the highest rate -- too often small-business owners that file their taxes as individuals pay the highest rate of 39.6 percent. We're going to lower that tax rate to 25 percent for pass-through companies. That will be the lowest tax rate on small businesses since 1931."^[89]

• Following the release of Trump's tax plan on April 26, 2017, Pence supported the president's plan. He also stated that the plan could increase the federal deficit in the short and predicted that, in the long term, any increase would be offset by economic growth.^[90]

• As governor of Indiana, Pence advocated for tax cuts in the state. In his first State of the State address in 2013, Pence said of his tax cut plans, "This reduction in taxes will unleash half a billion dollars into the private, voluntary economy every year. Letting Hoosiers keep more dollars to spend, invest or save will be good for Indiana families and businesses." During his time as governor, taxes in Indiana were reduced by five percent, corporate taxes were reduced, and the estate and inheritance taxes were eliminated, according to the Tax Policy Center.^[91]

Steven Mnuchin[edit]

Treasury Secretary Steven Mnuchin[edit]

• On September 28, 2017, while speaking at the Washington Ideas conference, Mnuchin discussed the GOP's tax plan, saying, "Not only will this tax plan pay for itself, but it will pay down debt." According to The Wall Street Journal, Mnuchin said that "the proposal would fuel stronger growth, causing tax payments to rise and offsetting the revenue lost from lower rates. He also said lower rates would discourage corporate tax avoidance, which would help boost revenue."^[92]

• On September 24, 2017, during an interview with CNN’s Jake Tapper, Mnuchin was asked about the Trump administration's tax plan. Mnuchin said, “Any reductions we have in upper income taxes will be offset by less deductions, so that there will be no tax -- absolute tax cut for the upper class.” Tapper the asked, “Can you reaffirm that pledge, that there will be -- quote -- ‘No absolute tax cut for the upper class?'” Mnuchin said, “I did say that. I just want to clarify. It was never a promise. It was never a pledge. What it was and it is still, it is what the president's objective was. Now, we've been working with the bipartisan leadership. We look forward to releasing the plan this week. I think what's important about this plan is it creates a middle-income tax cut, it makes businesses competitive. And it creates jobs. That's what this is all about. And as it relates to the high end, you know, there's lots of changes. We're getting rid of lots of deductions. We're trying to get rid of state and locally deductions to get the federal government out of subsidizing it. And yes, I can tell you the current plan for many, many people, it will not reduce taxes on the high end.”^[93]

• On July 10, 2017, Mnuchin said that Republicans planned to release a unified tax proposal by the end of September and to pass a plan by the end of the year.^[94]

• On April 27, 2017, a day after the administration outlined its tax plan, Mnuchin said in an interview with ABC News that, "The details of taxes are very complicated and we're committed to working quickly and getting this done." Mnuchin said that the goal of the administration was to ensure no tax cuts for the wealthy. Mnuchin did not provide further details about the tax plan above what the administration had already released.^[95]

• During an event on April 26, 2017, in Washington, D.C., Mnuchin discussed tax policy with reporters before the release of the administration's tax plan. Mnuchin confirmed aspects of the plan, such as the corporate tax rate cut, saying that changes to the tax code would prevent, "a loophole to let rich people who should be paying higher percents pay 15 percent." Mnuchin said the tax cuts would be paid for by additional economic growth due to other economic policies of the Trump administration, and he predicted growth to be around three percent.^[96]

• On February 23, 2017, Mnuchin said that he wanted to see tax changes passed before Congress went on August recess. He said, "We want to get this done by the August recess. We've been working closely with the leadership in the House and the Senate and we're looking at a combined plan."^[97]

See also[edit]

• 115th Congress on taxes, 2017-2018
• Federal policy on the budget, 2017-2020
• Multistate lawsuits against the federal government, 2017-2020

External links[edit]

• HR 1-Tax Cuts and Jobs Act
• GOP's "Unified Framework for Fixing Our Broken Tax Code"
• WhiteHouse.gov, "Fact Sheet: President Donald J. Trump Tackles Our Broken Tax System"
• Donald J. Trump, "Tax Reform that Will Make America Great Again"
• Search Google News for this topic

Footnotes[edit]

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