115th Congress 1st Session, H.R. 1 [released on November 2, 2017] PDF 429 pages
- Section-by-section summary
- House GOP outline
- JCX-46-17 (November 02, 2017) Estimated Revenue Effects Of H.R. 1, The “Tax Cuts And Jobs Act,” Scheduled For Markup By The Committee On Ways And Means On November 6, 2017
- Committee for a Responsible Federal Budget – “Based on what we know so far, the plan could cost $3 to $7 trillion over a decade – our base-case estimate is $5.5 trillion in revenue loss over a decade. Without adequate offsets, tax reform could drive up the federal debt, harming economic growth instead of boosting it…With interest costs, a $5.5 trillion tax plan would be enough to increase debt to 111 percent of Gross Domestic Product (compared to 89 percent of GDP in CBO’s baseline) by 2027. That would be higher than any time in U.S. history, and no achievable amount of economic growth could finance it…”
[Excerpt of H.R. 1 text]
To provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. To provide for reconciliation pursuant to title II of the concurrent resolution on the budget for fiscal year 2018. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; ETC. 3(a) SHORT TITLE – This Act may be cited as the ‘‘Tax Cuts and Jobs Act’’. AMENDMENT OF 1986 CODE.—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.