Senate Finance Releases Summary of Tax Reform Proposal: The Senate Finance Committee released a section-by-section summary of the Chairman’s mark of the Tax Cuts and Jobs Act, as modified, amended, and ordered to be favorably reported by the committee on November 16.
Tax Policy Center Analyzes Effects of House Proposal: Today, the Tax Policy Center released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act (H.R. 1) as passed by the House on November 16. The analysis finds that the legislation would boost US economic output by .6% of gross domestic product (GDP) in 2018, .3% of GDP in 2027, and .2% of GDP in 2037. The analysis also finds that the legislation, including macroeconomic effects and interest costs, is projected to increase debt as a share of GDP by just over five percent in 2027 and by just over nine percent in 2037.