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The Tax Cuts and Jobs Act: Explained



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The Tax Cuts and Jobs Act (TCJA), anesthetized in December 2017, fabricated several cogent changes to the alone assets tax. These changes accommodate a about angled accepted deduction, new limitations on itemized deductions, bargain assets tax rates, and reforms to several added provisions. In all, these changes abridge the alone assets tax by eliminating the charge for millions of households to catalog their deductions.

After December 31, 2025, best of the changes to the alone assets tax cipher backslide to pre-TCJA status. If Congress allows these changes to go into effect, best households would acquaintance tax increases alpha in 2026.[1] In the meantime, however, alone assets taxes will be essentially lower for households beyond the assets spectrum.

This cardboard provides a abrupt overview of the alone assets tax and explains how the changes in the Tax Cuts and Jobs Act advance to a simpler tax cipher for abounding households.



The alone assets tax is the federal government’s better antecedent of revenue.[2] In tax year 2015, added than 150 actor alone assets tax allotment were filed, and in anniversary of these filings, a domiciliary added up its assets and subtracted assorted deductions, exemptions, and credits to address its tax accountability to the Internal Acquirement Service (IRS).[3]

The abject of the alone assets tax is adapted gross assets (AGI). To account AGI, an alone aboriginal adds all sources of assets to ability “total income.” Next, the alone determines his or her deductions, exclusions, and credits, which attenuated the tax base. Above-mentioned to achievement of the TCJA, the federal tax cipher included three aloft accoutrement that bargain households’ assets taxes in admeasurement to the cardinal of domiciliary members: the accepted deduction, the adolescent tax credit, and the claimed exemption.

Recall that a answer allows taxpayers to abate the bulk of assets that is accountable to the tax. For example, the accepted answer agency filers abate their taxable assets by a set amount. Alternatively, filers can catalog their deductions, which agency they accumulate clue of assertive deductible costs and again abatement them from their absolute assets instead of demography the accepted deduction. Exemptions additionally abate the bulk of assets accountable to tax. Credits, on the added hand, abate the bulk of taxes owed.

The federal assets tax is levied at seven rates; it is a accelerating tax, in which the bordering tax bulk on assets increases for college levels of income. Anniversary tax bracket shows the tax bulk an alone will pay on that accurate allocation of income; so, extensive college tax brackets does not beggarly an alone pays that college bulk on all income, alone the assets aural that accurate tax bracket.

The growing complication of the U.S. tax cipher had led to ample acquiescence costs for households and businesses. The Tax Foundation acclimated abstracts from the Office of Advice and Regulatory Affairs and the Bureau of Labor Statistics to appraisal absolute bulk of tax acquiescence on the U.S. abridgement in 2016.[4]

Complying with the tax cipher creates absolute costs for American households and businesses, starting with aloof the time it takes. It took individuals 2.6 billion hours to accede with IRS tax filing requirements in 2016.[5]

This time imposes a absolute bulk on the economy. Individuals allot assets to acknowledging with the tax cipher instead of accomplishing added advantageous activities. Put in dollar terms, acknowledging with the alone assets tax costs $99 billion annually.[6] Tackling the bulk of tax complication was a cogent action for the TCJA.[7]

The TCJA simplified the tax cipher by authoritative it added advantageous for abounding filers to booty the accepted deduction, instead of itemized deductions. The TCJA broadcast the accepted answer from $6,500 to $12,000 for distinct filers and $13,000 to $24,000 for collective filers in 2018.[8] This abreast acceleration of the accepted answer bound the bulk of itemized deductions, authoritative it added adorable to use the accepted deduction.

Additionally, beneath the TCJA, the three accoutrement that abate domiciliary assets taxes based on domiciliary admeasurement were circumscribed into two: the claimed absolution was eliminated, replaced by the aloft broadcast accepted answer and an broadcast adolescent tax credit.

These changes, forth with new limitations on assertive itemized deductions, simplified the tax cipher for abounding Americans.[9]  

As mentioned previously, the accepted answer was about angled from the TCJA, growing from $6,500 to $12,000 for alone filers, and from $13,000 to $24,000 for collective filers.

By authoritative the accepted answer larger, the bulk of itemized deductions is lessened.  It is now added advantageous for abounding filers to booty the accepted answer than to catalog their deductions.

To allegorize why this is a simplification, accede a affiliated brace who beneath antecedent law would accept taken $14,000 in assorted itemized deductions. Now, beneath the Tax Cuts and Jobs Act, it would be added advantageous for this brace to booty the accepted answer of $24,000, as it allows them to abstract an added $10,000 and eliminates the charge to absorb time and activity accession receipts and commutual Schedule A of the Form 1040.

In all, the Collective Committee on Taxation (JCT) estimates that the cardinal of itemized filers will abatement from 46.5 actor in 2017 to aloof over 18 actor in 2018, implying that about 30 actor households will now acquisition it added advantageous to booty the accepted deduction.[10] In total, now 88 percent of filers will use the accepted answer to complete their taxes.

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In addition, these changes are concentrated amid low- and middle-income groups. The cardinal of allotment itemizing deductions will abatement by 75 percent for those with assets amid $20,000 and $30,000 and 74 percent for those with assets amid $30,000 and $40,000. The table calculates the percent change amid allotment application itemized deductions amid 2017 and 2018.

Source: The Collective Committee on Taxation, “Tables Related to the Federal Tax System as In Aftereffect 2017 Through 2026”; authors’ calculations

Less than $10,000

$10,000 to $20,000

$20,000 to $30,000

$30,000 to $40,000

$40,000 to $50,000

$50,000 to $75,000

$75,000 to $100,000

$100,000 to $200,000

$200,000 to $500,000

$500,000 to $1,000,000

$1,000,000 and over

The alone assets tax code, as mentioned above, has several aloft accoutrement that abate domiciliary income. Abounding of these accoutrement are based on ancestors cachet and can be difficult to navigate, as they may accept altered definitions of what qualifies as a “child” as able-bodied as added complexities.[11] The TCJA helped allay some of this complication by eliminating the claimed exemption, which would accept been $4,150 in 2018,[12] and accretion the adolescent tax credit.

Recall that an absolution reduces taxable income, so its bulk depends on the taxpayer’s bordering tax rate. For example, if a domiciliary were in the 12 percent tax bracket, a $4,150 absolution would aftereffect in about a $500 abridgement in tax liability. On the added hand, a acclaim anon reduces tax liability, and doesn’t anon depend on the bordering tax rate.

Beginning in 2018, the adolescent tax acclaim doubles from $1,000 to $2,000 per able adolescent beneath the age of 17, with up to $1,400 refundable. The TCJA additionally aloft the assets akin at which the phaseout of the acclaim begins, up from $110,000 to $400,000 for affiliated filed accordingly households These two accoutrement aggrandize both the bulk of the acclaim as able-bodied as the cardinal of individuals able to affirmation the credit.

In affiliation with accretion the accepted deduction, the Tax Cuts and Jobs Act bound two key itemized deductions, the mortgage absorption and accompaniment and bounded taxes paid (SALT), and alone several abate itemized deductions. The new law additionally makes added changes, such as those that aggrandize the accommodating contributions and medical costs deductions.[13]

Under antecedent law, individuals could abstract the absolute bulk paid of either accompaniment alone assets tax or accompaniment sales tax, but not both, forth with accompaniment and bounded acreage taxes paid.[14] This answer disproportionally benefited advantageous taxpayers.[15] Now, itemizers are bound to deducting a absolute of $10,000 amid accompaniment and bounded property, sales, and assets taxes paid. The Collective Committee on Taxation estimates that this change, in concert with the new broadcast accepted deduction, will aftereffect in a affecting abridgement in the acceptance of the deduction.[16] In 2018, an estimated 16.6 actor filers will affirmation the capped SALT deduction, compared to 42.3 actor beneath above-mentioned law.[17] The bulk of the SALT answer is estimated to abatement from $100.9 billion in 2017 to $36.6 billion in 2018.[18]

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The TCJA additionally bargain the bulk of home mortgage debt that itemizers can abstract absorption on from $1 actor to $750,000, and “suspended the deductibility of absorption on home disinterestedness loans and curve of acclaim unless they are acclimated to buy, build, or essentially advance the taxpayer’s home that secures the loan.”[19] The Collective Committee on Taxation estimates that this change, in concert with the new broadcast accepted deduction, will aftereffect in a affecting abridgement in the acceptance of the deduction.[20] In 2018, the JCT estimates 13.7 actor taxpayers will affirmation the capped mortgage absorption deduction, compared to 32.3 actor in 2017.[21] The bulk of this tax amount is estimated to abatement from $66.4 billion in 2017 to $40.7 billion in 2018.[22]

Source: The Collective Committee for Taxation, “Tables Related to the Federal Tax System as in Aftereffect 2017 Through 2026”

State and Bounded Taxes

Capped at $10,000

42.3 million

16.6 million

Mortgage Interest

Lowered the cap for absorption paid from $1 actor to $750,000 of mortgage debt and bound the deductibility of home disinterestedness debt

32.3 million

13.7 million

The allotment absolute for accommodating banknote donations fabricated by an alone was added from 50 percent to 60 percent, acceptation for individuals who accord ample shares of their assets to accommodating organizations, they will be able to booty a beyond deduction. The medical and dental costs answer beginning decreased from 10 percent of AGI to 7.5 percent of AGI (for tax years 2017 and 2018), acceptation taxpayers accept a lower beginning to beat to abstract their medical costs if they itemize.

Outside of these aloft changes, the TCJA additionally alone a scattering of bottom utilized, Schedule A itemized deductions. These accommodate deductions for blow and annexation losses (except for those attributed to federal disasters as declared by the President) as able-bodied as job costs and assorted deductions accountable to a 2 percent floor.[23] This too will abridge the action for filing alone assets taxes, as added taxpayers can account from selecting the broadcast accepted answer rather than itemizing assorted deductions.

The TCJA additionally fabricated reforms to the Another Minimum Tax (AMT), which agency far beneath filers will charge to absorb time alive on Form 6251. The Internal Acquirement Service estimates AMT filings will abatement from 10 actor to 1 million, [24] with anytime beneath attributable AMT liability.[25] Running alongside to the approved tax code, the AMT is a abstracted set of rules beneath which some households charge account their tax accountability a additional time. It has a beyond absolution than the approved tax code, but at the aforementioned time it has beneath tax preferences; this architecture allows it to abduction added assets tax from households that would contrarily affirmation ample deductions and accept beneath tax liability. The TCJA added the AMT absolution from $84,500 to $109,400 for collective filers and added the phaseout of the absolution from $160,900 to $1 actor for collective filers. This aggregate will aftereffect in far beneath households incurring AMT accountability and for those still owing, the accountability will acceptable be smaller.[26]

The description of the tax cipher will advance to bread-and-butter accumulation acknowledgment to beneath time spent filing. Application estimates of how abounding hours it takes taxpayers to accede with assertive forms, we can appraisal the bulk of time adored by assertive reforms fabricated by the TCJA. Specifically, the abridgement in filers attributable AMT accountability and the simplified action of filing alone assets taxes could abundantly abate acquiescence costs for assertive households.

In tax year 2015, 10.3 actor forms were filed for the AMT, admitting alone 4.5 actor concluded up attributable any AMT liability. It is estimated that alone about 200,000 will owe the AMT beneath new thresholds;[27] however, about 1 actor individuals may still charge to book the forms to actuate whether they owe.[28] According to the Internal Acquirement Service Taxpayers Advocate Service, filers who face the AMT absorb about alert as continued acknowledging with the tax cipher than filers who do not face the AMT.[29] In 2017, the boilerplate absolute time spent filing a Form 1040 was 15 hours.[30] Application this information, the abatement in AMT filers translates to about 135 actor hours saved, or in dollar terms, $4.6 billion.[31]

Additionally, the acceleration of the accepted answer and consecutive move abroad from the itemized answer will additionally aftereffect in tax acquiescence savings. The IRS has estimated that the boilerplate time to complete an alone tax acknowledgment will abatement by 4 to 7 percent.[32] This would abate the time of 15 hours spent filing Form 1040 to an boilerplate amid 13.95 and 14.4 hours per Form 1040.[33] If we apprehend 150 actor alone assets tax filers, this translates into a absolute time accumulation anywhere from 90 actor to 157.5 actor hours. Converting this to dollar terms, accumulation could ambit from $3.1 billion to $5.4 billion.[34]

The Tax Cuts and Jobs Act fabricated several cogent changes to the alone assets tax, which will abridge the tax filing action for millions of households. These changes accommodate reforms to ancestors tax provisions, such as the abreast acceleration of the accepted answer and adolescent tax acclaim accumulated with the abolishment of the claimed exemption; they additionally accommodate reforms to the another minimum tax and lower bordering tax ante beyond brackets.

These changes will abridge tax filing for tens of millions of taxpayers who will no best accept to catalog deductions, and instead acquisition it added advantageous to booty the broadcast accepted deduction. So too, millions beneath will acquire another minimum tax liability. A simpler tax filing action translates to millions beneath hours ashen by households acknowledging with the alone assets tax, which will construe into absolute bulk savings.

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The Tax Cuts and Jobs Act: Explained

[1] For a altercation on the costs and allowances of authoritative the alone assets tax changes permanent, see Nicole Kaeding, Kyle Pomerleau, and Alex Muresianu, “Making the Tax Cuts and Jobs Act Alone Assets Tax Accoutrement Permanent,” Tax Foundation, July 10, 2018, https://taxfoundation.org/making-the-tax-cuts-and-jobs-act-individual-income-tax-provisions-permanent/. If extended, these accoutrement would access long-run GDP by 2.2 percent, long-run accomplishment by 0.9 percent, and add 1.5 actor full-time agnate jobs. In the continued run these accoutrement would abate federal acquirement by $165 billion annually on a accepted abject and $112 billion dynamically.

[2] Erica York, “Sources of Claimed Assets 2015 Update,” Tax Foundation, Feb 27, 2018, https://taxfoundation.org/sources-of-personal-income-2015/#_ftn1.

[3] Ibid.

[4] Scott A. Hodge, “The Acquiescence Costs of IRS Regulations,” Tax Foundation, June 15, 2016, https://taxfoundation.org/compliance-costs-irs-regulations/.

[5] Ibid.

[6] Ibid.

[7] Apostle Ryan Press Office, “The Tax Cuts and Jobs Act,” Nov. 7, 2017, https://www.speaker.gov/press-release/tax-cuts-and-jobs-act.

[8] The bulk of the accepted answer is inflation-adjusted, so these ethics access annually.

[9] The Tax Cuts and Jobs Act additionally bargain bordering assets tax ante beyond brackets, arch to increases in after-tax incomes for all taxpayers, on average. For a altercation of the distributional appulse of the TCJA, see Huaqun Li and Kyle Pomerleau, “The Distributional Appulse of the Tax Cuts and Jobs Act over the Next Decade,” Tax Foundation, June 28, 2018, https://taxfoundation.org/the-distributional-impact-of-the-tax-cuts-and-jobs-act-over-the-next-decade/.

[10] The Collective Committee on Taxation Staff, “Tables Related to the Federal Tax System as in Aftereffect 2017 Through 2026,” April 24, 2018, 6, https://www.jct.gov/publications.html?func=startdown&id=5093.

[11] Scott Greenberg, “Five Ideas for Simplifying the Alone Tax Code,” Tax Foundation, July 24, 2017, https://taxfoundation.org/five-ways-federal-tax-code-simpler/.

[12] Internal Acquirement Service, “In 2018, Some Tax Allowances Access Slightly Due to Inflation Adjustments, Others Unchanged,” Oct. 19, 2017, https://www.irs.gov/newsroom/in-2018-some-tax-benefits-increase-slightly-due-to-inflation-adjustments-others-unchanged.

[13] For altercation of a new answer for pass-through entities created by the TCJA, see Scott Greenberg and Nicole Kaeding, “Reforming the Pass-Through Deduction,” Tax Foundation, June 21, 2018, https://taxfoundation.org/reforming-pass-through-deduction-199a/.

[14] Jared Walczak, “The Accompaniment and Bounded Tax Deduction: A Primer,” Tax Foundation, March 15, 2017, https://taxfoundation.org/state-and-local-tax-deduction-primer/.

[15] Ibid.

[16] The Collective Committee on Taxation, “Tables Related to the Federal Tax System as in Aftereffect 2017 through 2026,”, 8.

[17] Ibid.  

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[18] The Collective Committee on Taxation, “Estimates Of Federal Tax Expenditures For Fiscal Years 2017 – 2021,” May 25, 2018, 44,  https://www.jct.gov/publications.html?func=startdown&id=5095.

[19] Internal Acquirement Service, “Interest on Home Disinterestedness Loans Often Still Deductible Beneath New Law,” Feb. 21,2018, https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law.

[20] The Collective Committee on Taxation, “Tables Related to the Federal Tax System as in Aftereffect 2017 through 2026,” 7.

[21] Ibid.

[22] The Collective Committee on Taxation, “Estimates Of Federal Tax Expenditures For Fiscal Years 2017 – 2021,” 37. 

[23] Kelly Phillips Erb, “What Your Itemized Deductions On Schedule A Will Look Like Afterwards Tax Reform,” Forbes, Dec. 20, 2017, https://www.forbes.com/sites/kellyphillipserb/2017/12/20/what-your-itemized-deductions-on-schedule-a-will-look-like-after-tax-reform/#6f5739dc6334.

[24] Internal Acquirement Service, “Proposed Collection; Comment Request for Regulation Project 83 FR 34698,” July 20, 2018, https://www.federalregister.gov/documents/2018/07/20/2018-15627/proposed-collection-comment-request-for-regulation-project.

[25] Laura Saunders, “Who Will and Won’t Pay the AMT, America’s Rich-Person Tax?” The Wall Street Journal, May 18, 2018, https://www.wsj.com/articles/who-will-and-wont-pay-americas-rich-person-tax-1526635802.

[26] Erica York, “Under Conference Agreement, Beneath Households Would Face the Another Minimum Tax,” Tax Foundation, Dec. 16, 2017, https://taxfoundation.org/conference-report-alternative-minimum-tax/.

[27] Laura Sanders, “Who Will and Won’t Pay the AMT, America’s Rich-Person Tax?”  

[28] Internal Acquirement Service, “Proposed Collection; Comment Request for Regulation Project 83 FR 34698.”

[29] Taxpayers Advocate Service, “Repeal the Another Minimum Tax, 2013 Annual Address to Congress,” 298, http://www.taxpayeradvocate.irs.gov/2013-Annual-Report/downloads/Repeal-the-Alternative-Minimum-Tax.pdf.

[30] Internal Acquirement Service, “1040 Instructions 2017,” 100, https://www.irs.gov/pub/irs-pdf/i1040gi.pdf. 

[31] These alternate aggregates were translated into acquiescence costs by adding them by boilerplate absolute employer advantage costs for clandestine industry workers of $34.17. See Bureau of Labor Statistics, “Employer Costs for Employee Advantage – March 2018,” June 8, 2018, https://www.bls.gov/news.release/pdf/ecec.pdf. 

[32] Internal Acquirement Service, “Proposed Collection; Comment Request for Regulation Project 83 FR 34698.”

[33] “Internal Acquirement Service, “1040 Instructions 2017,” 100. 

[34] These alternate aggregates were translated into acquiescence costs by adding them by boilerplate absolute employer advantage costs for clandestine industry workers of $34.17. See Bureau of Labor Statistics, “Employer Costs for Employee Advantage – March 2018.”  

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