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A Preliminary Assessment of the Tax Cuts and Jobs Act of 2017

Author

Listed:
  • William Gale
  • Hilary Gelfond
  • Aaron Krupkin
  • Mark J. Mazur
  • Eric Toder

Abstract

The Tax Cuts and Jobs Act of 2017 was the largest tax overhaul since 1986. Our assessment - based on a variety of sources - suggests that the act will do the following: stimulate the economy in the near term but have small impacts on long-term growth; reduce federal revenues; make the distribution of after-tax income less equal; simplify taxes in some ways but create new complexity and compliance issues in others; and reduce health insurance coverage and charitable contributions. Its ultimate effects will depend on how other countries, the Federal Reserve Board, and future Congresses respond.

Suggested Citation

  • William Gale & Hilary Gelfond & Aaron Krupkin & Mark J. Mazur & Eric Toder, 2018. "A Preliminary Assessment of the Tax Cuts and Jobs Act of 2017," National Tax Journal, National Tax Association;National Tax Journal, vol. 71(4), pages 589-612, December.
    • Handle: RePEc:ntj:journl:v:71:y:2018:i:4:p:589-612
    DOI: 10.17310/ntj.2018.4.01
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    Cited by:

    1. Stylianos Asimakopoulos & James Malley & Apostolis Philippopoulos, 2024. "The Firm-level and Aggregate E¤ects of Corporate Payout Policy," Working Papers 2024_13, Business School - Economics, University of Glasgow.
    2. Stylianos Asimakopoulos & James Malley & Apostolis Philippopoulos, 2024. "The Firm-level and Aggregate E¤ects of Corporate Payout Policy," Working Papers 2024_13, Business School - Economics, University of Glasgow.
    3. Dorine Boumans & Clemens Fuest & Carla Krolage & Klaus Wohlrabe, 2020. "Expected effects of the US tax reform on other countries: global and local survey evidence," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 27(6), pages 1608-1630, December.
    4. Iuliia Shybalkina, 2021. "The role of organized groups in administrative burdens of property taxation," Journal of Behavioral Public Administration, Center for Experimental and Behavioral Public Administration, vol. 4(1).
    5. Francesco Furno, 2021. "The Macroeconomic Effects of Corporate Tax Reforms," Papers 2111.12799, arXiv.org.
    6. Gürlek, Elif, 2021. "Corporate Taxation in the U.S. and Canada – A Comparative Analysis," Junior Management Science (JUMS), Junior Management Science e. V., vol. 6(3), pages 489-506.

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