Here Is The Full Text Of The Final Republican Tax Bill

Update: in addition to the previously leaked highlights (see below), Republicans on Friday evening released the final version of their legislation to slash tax rates for corporations and individuals. The 1,097 page document, containing the bill and an explanatory statement, was crafted by the House-Senate conference committee. The bill is expected to come up for votes in Congress next week.

Read the bill below, courtesy of The Hill:

The "shorter" - only 570 page long - explanatory statement of the conference committee can be found below:

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Earlier:

Here are the full policy highlights of the Republicans' Tax Cuts & Jobs Act...

Policy Highlights

The Tax Cuts and Jobs Act (H.R. 1) overhauls America’s tax code to deliver historic tax relief for workers, families and job creators, and revitalize our nation’s economy. By lowering taxes across the board, eliminating costly special-interest tax breaks, and modernizing our international tax system, the Tax Cuts and Jobs Act will help create more jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life. 

With this bill, the typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.

For individuals and families, the Tax Cuts and Jobs Act:

Lowers individual taxes and sets the rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep more of their hard-earned money.

Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,350 and $12,700 under current law to $12,000 and $24,000 for individuals and married couples, respectively.

Continues to allow people to write off the cost of state and local taxes – just like current law – up to $10,000. Gives individuals and families the ability to choose among sales, income and property taxes to best fit their unique circumstances.

Takes action to support more American families by:

  • Expanding the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents with the cost of raising children. The tax credit is fully refundable up to $1,400 and begins to phase-out for families making over $400,000. Parents must provide a child’s valid Social Security Number in order to receive this credit.
  • Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.
  • Preserving the Adoption Tax Credit so parents can continue to receive additional tax relief as they open their hearts and homes to an adopted child.

Preserves the mortgage interest deduction – providing tax relief to current and aspiring homeowners.

  • For all homeowners with existing mortgages that were taken out to buy a home, there will be no change to the current mortgage interest deduction.
  • For homeowners with new mortgages on a first or second home, the home mortgage interest deduction will be available up to $750,000.

Provides relief for Americans with expensive medical bills by expanding the medical expense deduction for 2018 and 2019 for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent beginning in 2020.

Continues and expands the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.

Eliminates Obamacare’s individual mandate penalty tax – providing families with much-needed relief and flexibility to buy the health care that’s right for them if they choose.

Maintains the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.

Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary, secondary and higher education.

Provides support for graduate students by continuing to exempt the value of reduced tuition from taxes.

Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts (IRAs) so Americans can continue to save for their future.

Increases the exemption amount from the Alternative Minimum Tax (AMT) to reduce the complexity and tax burden for millions of Americans.

Provides immediate relief from the Death Tax by doubling the amount of the current exemption to reduce uncertainty and costs for many family-owned farms and businesses when they pass down their life’s work to the next generation.

For job creators of all sizes, the Tax Cuts and Jobs Act:

Lowers the corporate tax rate to 21% (beginning Jan. 1, 2018) – down from 35%, which today is the highest in the industrialized world – the largest reduction in the U.S. corporate tax rate in our nation’s history.

Delivers significant tax relief to Main Street job creators by:

  • Offering a first-ever 20% tax deduction that applies to the first $315,000 of joint income earned by all businesses organized as S corporations, partnerships, LLCs, and sole proprietorships. For Main Street job creators with income above this level, the bill generally provides a deduction for up to 20% on business profits – reducing their effective marginal tax rate to no more than 29.6%.
  • Establishing strong safeguards so that wage income does not receive the lower marginal effective tax rates on business income – helping to ensure that Main Street tax relief goes to the local job creators it was designed to help most.

Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers – unleashing growth of jobs, productivity, and paychecks.

Protects the ability of small businesses to write off interest on loans, helping these Main Street entrepreneurs start or expand a business, hire workers, and increase paychecks.

Preserves important elements of the existing business tax system, including:

  • Retaining the low-income housing tax credit that encourages businesses to invest in affordable housing so families, individuals, and seniors can find a safe and comfortable place to call home.
  • Preserving the Research & Development Tax Credit that encourages our businesses and workers to develop cutting-edge “Made in America” products and services. • Retaining the tax-preferred status of private-activity bonds that are used to finance valuable infrastructure projects.
  • Eliminates the Corporate Alternative Minimum Tax, thereby lowering taxes and eliminating confusion and uncertainty so American job creators can focus on growing their business and hiring more workers, rather than on burdensome paperwork.

Modernizes our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in double taxation for many of our nation’s job creators.

Makes it easier for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.

Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.

For greater American energy security and economic growth, the Tax Cuts and Jobs Act:

Establishes an environmentally responsible oil and gas program in the non-wilderness 1002 Area of the Arctic National Wildlife Refuge (ANWR). Congress specifically set aside the 1.57-million acre 1002 Area for potential future development. Two lease sales will be held over the next decade and surface development will be limited to 2,000 federal acres – just one ten-thousandth of all of ANWR.

Significantly boosts American energy production. Responsible development in the 1002 Area will raise tens of billions of dollars for deficit reduction in the decades to come, while creating thousands of new jobs, reducing our dependence on foreign oil, and helping to keep energy affordable for American families and businesses.

Provides a temporary increase in offshore revenue sharing for the Gulf Coast in 2020 and 2021, allowing those states to invest in priorities such as coastal restoration and hurricane protection.

 

Comments

ebworthen robertsgt40 Sat, 12/16/2017 - 00:07 Permalink

What does the deficit matter? It didn't matter when Wall Street and the banks/corporations/insurers got $11+ Trillion of potatoes & gravy.I have yet to see any news outlet show the rate changes or brackets for 0%, 10%, 12%, 22%, 24%, 32%, 35%.The only thing I've seen is 39% to 37% for the "rich", and the 35% to 21% cut for corporations.Doubling of the standard deduction from $6K to $12K, but no info. beyond that.If my std. deduction is doubled and I go from 25% to 12% rate I'm for it.But...you won't see that in the MSM, "bad" and "Russians", etc.

In reply to by robertsgt40

hannah brushhog Fri, 12/15/2017 - 18:55 Permalink

@shizzledizzle...BULLSHIT...if they raised the percentage, the percentage is larger than the 'doubling'....you will pay more taxes even with the doubling. the first iterations had the middleclass percentages going up NOT DOWN so people without kids or large interest etc will pay more. this will burn trump if true.

In reply to by brushhog

brushhog Fri, 12/15/2017 - 17:15 Permalink

The main takeaway here is the stunning ignorance of the American people to allow the left-wing media to convince them that this is a "tax break for the rich" and that they are going to get hosed. This is a phenomenal tax break for EVERYONE, one of the best tax bills ever presented.

Escrava Isaura brushhog Fri, 12/15/2017 - 18:08 Permalink

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Simpleton, it’s not that simple. On the surface tax cuts look great; but, once you dive into the details, oh boy. This tax cut will be a disaster, because it won’t help with unemployment. Actually, US healthcare will go into a depression while prices of health insurance and medications will go way up starting in 2019. Small business lobby and the National Association of Home Builders and the National Association of Realtors oppose Trump’s tax cuts. Both plans lowered the maximum pass-through tax rate to 25 percent. Over 85 percent of these companies don't make enough to benefit from the lower rate. But the wealthiest will.   Many large corporations confirmed they won't use the tax cuts to create jobs. CEOs of Cisco, Pfizer, and Coca-Cola would instead use the extra cash to pay dividends to shareholders. The CEO of Amgen will use the proceeds to buy back shares of stock. In effect, the business tax cut will boost stock prices, but won't create jobs. The most significant tax cuts should go to the middle class who are more likely to spend every dollar they get. The wealthy use tax cuts to save or invest. It helps the stock market but doesn't drive demand. Once demand is there, then businesses create jobs to meet it. Middle-class tax cuts create more jobs. But the best unemployment solution is government spending to build infrastructure and directly create jobs.   Simpleton, please help us here by doing some research before writing garbage.  

In reply to by brushhog

Escrava Isaura HisBoyElroy Sat, 12/16/2017 - 02:30 Permalink

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The only way to generate jobs is to add new money to the economy. There are only 3 ways of doing that: 1. Public spending 2. Private spending 3. Consumption Now try to get these troughs the stupid conservatives? Good luck. “Wealth is a flow. Spent it must be to produce future wealth.” — Frederick Soddy, 1921. https://www.amazon.com/Cartesian-Economics-Physical-Stewardship-Classics/dp/1616407395/ref=pd_ybh_a_47?_encoding=UTF8&psc=1&refRID=MQ602PFFHPJKAA14P8BM   

In reply to by HisBoyElroy

New World Chaos HisBoyElroy Sat, 12/16/2017 - 07:37 Permalink

THIS.  It's another tax cut for the rich, combined with defecit spending.  We have been here multiple times before.  Republicans saying "trickle-down economics will create jobs" is like liberals saying "Behold the wonders of socialism!  You've never seen anything quite like this before!"And fuck this bullshit of having to live 5 years in a house before being able to sell it tax-free (even though its value only went up because the dollar went down).  Try finding a job or marriage that lasts 5 years these days.  Fuck.  This ruins my plans of being able to flip houses and pay no tax.  2 years was workable.  5 years isn't.  This fuckery is deliberate.  Makes me want to grow weed.

In reply to by HisBoyElroy

nicxios Escrava Isaura Fri, 12/15/2017 - 19:44 Permalink

Stay in Brazil mulatto. Do you even check what you're reading? The smal business lobby quoted in your article from shit sites like thehill.com is the NFIB. Here is their press release direct from their site:

The National Federation of Independent Business (NFIB)issued the following statement today on behalf ofPresident and CEO Juanita Duggan on the Tax Cuts and Jobs Act, released today by the conference committee:We are very pleased by the tax bill reported out of conference today, and we are grateful to leaders in the House and Senate for following through on their promise to cut taxes on small businesses. Tax relief is the number-one priority for small businesses, which represent half the economy and half the GDP. This bill will allow millions of small business owners to keep and reinvest more of their money, so they can grow and create jobs. We urge both chambers to pass the bill quickly, so it can be signed into law before the end of the year.”

https://www.nfib.com/content/press-release/national/small-business-supp…The only thing worse than American leftists is South American leftist shills.

In reply to by Escrava Isaura

Escrava Isaura nicxios Sat, 12/16/2017 - 02:34 Permalink

nicxios: The National Federation of Independent Business (NFIB)….“We are very pleased by the tax bill reported out of conference today, Because of the sadomasochism ‘mental disorder within being a conservative. Conservatives find gratification in being screwed by their leaders. Give you an example of conservative sadomasochism, but there are more: In 2010, the NFIB became the lead plaintiff opposing the Patient Protection and Affordable Care Act health care reform legislation. The organization joined 26 states in the lawsuit challenging the constitutionality of the act. The case was picked up by the Supreme Court, which issued its ruling on National Federation of Independent Business v. Sebelius on June 28, 2012, upholding most provisions of the act. Karl Rove's conservative Crossroads GPS PAC gave NFIB $3.7 million to help fund the court fight. Meanwhile, many other small business advocates supported PPACA. Now ask yourself why these small business owners still support National Federation of Independent Business (NFIB)? Are these business owners dumb? What’s wrong with them? Because it’s a personality flaw within conservatives. Conservatives refuse to change their opinion and mind about a situation. Conservatives have been brainwashing, mainly because of religion influence, that changing mind is a weakness when, in fact, it’s a strength. Conservatives, in general, are not critical thinkers, because they are resolute about their believe. And they don’t want those believes being scrutinized either, otherwise they will fall apart. Conservatives have ‘keep’ a narrow view of things, however, industrialization and capitalism are complex structures. Both constantly evolve, meaning you have to have an open mind. Be constantly vigilant. Those don’t come naturally for conservatives. Liberals have similar sadomasochism but theirs is through indoctrination, meaning do as you told. Their discordances and mind changing has to be within the boundaries. This far and not further otherwise you’ll be kicked out of the capitalist system, meaning you won’t have a job. Or, perhaps, your job will be as a taxi ‘Uber’ driver.         

In reply to by nicxios

Anteater EmmittFitzhume Fri, 12/15/2017 - 18:42 Permalink

The Blue State I live in is reporting an UNPRECEDENTEDbusiness license applications from out-of-state, and is UNABLE TO PROCESS THEM ALL, there are that many!This will be the largest transfer of wealth since the TARP,and the greatest internal migration since the Dust Bowl.Historians will refer to it as the Trump Dump, and no, itwon't be an NFL franchise. NFL refused Trump's buy-in.

In reply to by EmmittFitzhume

The First Rule Fri, 12/15/2017 - 17:21 Permalink

They Missed one: ELIMINATES ALL PERSONAL EXEMPTIONS - Which is like a $9K Hit on Individuals, about $17K to Family of Four. (This is how they pay for the massive corporate cut, going from 35% down to 21%). So if you don't have children under 18 and Itemize, the GOP just completely, utterly screwed you over.  Details, Details......

ludwigvmises Fri, 12/15/2017 - 17:21 Permalink

The point is not to cut the taxes of people in the middle. Those people have mediocre IQ and are working 35, 40 hours a week. The key to unchaining capitalism is reducing taxes on the top 1% of tax payers. They represent the highest IQ (140+), they regularly work 60+ hours a week, they create jobs and pay way too much taxes right now.

Anteater ludwigvmises Fri, 12/15/2017 - 18:37 Permalink

My sibling retired in their 40s, and are multi-millionaires livingexpat to avoid paying US taxes, using offshored blind trusts. Mysibling is as dumb as a rock, but got lucky on money-launderingand insider-trading by his smarter buddies, and didn't get caught.So fook the 'highest IQ' bullshit, unless it's a Vampire Squid Test,e.g. 'How do you make money the fastest? A. Honest B. Cheat.'That VST would make an Al Capone smarter than a Nikolai Tesla.

In reply to by ludwigvmises

Squid Viscous Fri, 12/15/2017 - 17:25 Permalink

just tried to sign up, for Obozocare...the minimum plan was $608/ month?what the fuck???and i claimed 4 dependents and $24,000 income,what the fuck???i'd rather die a slow painful death than pay those Blue Cross motherfuckers more than I used to pay for rent in NYC,fuck that,

338 Fri, 12/15/2017 - 17:41 Permalink

37 percent tax rate??? Oh Thank the Lord for those Republicrats, I'm surprised it wasn't a unanimas vote in the House of Non represetation. Fucking Theives This will be hailed as the biggest transfer of wealth in the history of recorded mankind. Congrats to all, KY warming fluid will be optional, but not deductable under this giant ass rape of ... Wait for it. Just a bit longer.. Reagen's 1986 tax bill that had TWO brackets. 15% and 28% Oh you didn't hear that outta your favorite news channel did you? Then it must not be true. sean

Jack McGriff 338 Fri, 12/15/2017 - 17:57 Permalink

It's complete bullshit.  37% or 39.6% ... doesn't matter.  It isn't a tax cut that is any way meaningful and anyone in the top tax bracket won't even perceive it.  It's fucking thievery.  No matter, I'm done paying taxes and being the government's tax slave bitch to pay for niggers and illegal immigrants who HATE us!  So I did what any self respecting man would do after being fed up with having most of my labor stolen from me:  I closed my business, sold all my shit and moved into my cargo van.  Come get me now Tax Man, I'm mobile!  LOL 

In reply to by 338

scubapro Fri, 12/15/2017 - 17:55 Permalink

   reducing taxes is great.   this whole plan lacks one key feature though:   reducing spending           were at the peak of optimism:  have your cake (econ growth/low inflation) and eat it too (lower taxes).   lowering taxes and infratstucture bills are things to pass during an economic downturn.   when growth is happening and employment at 4.1%,  reduce spending and pay down the deficit...you know, for 'ammo' in the future.  but if youre already 70+ yrs of age, the future isnt very distant.

Fiat Burner Fri, 12/15/2017 - 19:38 Permalink

Just replacing one type of taxation with another (debt/inflation). Sad so many people fall for the state's slight of hand trick.  Enjoy your scooby snack from the state while it fucks you up the ass.

steve2241 Fri, 12/15/2017 - 18:18 Permalink

"Modernizes our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system...."  And with regards to America's global INDIVIDUALS? Go fuck yourself, apparently.