As a bill, the Senate passed TCJA on Dec. 2, 2017, by a party-line vote of 51 to 49. The House passed its version of the bill later that month by a vote of 224 to 201.2
U.S. Congress. "
H.R.1 - An Act To Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018: Actions."
No House Democrats supported the bill and 12 Republicans voted no.
The law cut
corporate tax rates permanently and individual tax rates temporarily. It permanently removed the individual mandate requiring individuals to purchase health insurance, a key provision of the
Affordable Care Act.4 The highest earners were expected to benefit most from the law, while the lowest earners were believed to pay more in taxes when individual tax provisions expire after 2025.
This is Trump's greatest accomplishment he says
The legislation is commonly referred to in media as the
Trump tax cuts
The Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) was the largest tax overhaul since 1986. Rushed through Congress without adequate hearings and passed by a near-party-line vote, the law is a major legislative blunder badly in need of correction. The overall critique is simple: by providing large, regressive, deficit-financed tax cuts to an economy with low unemployment, rising long-term inequality, and high debt, the law was the wrong thing at the wrong time. It will take resources from future generations and from today’s lower- and middle-income households to enrich today’s well-to-do. It will take resources away from other badly needed social and economic priorities. The bill was so unpopular with the public that Republican members of Congress like Chris Collins and Lindsey Graham resorted to justifying their support by saying that their donors would cut off funding otherwise.
