FY2018 Budget Act Amending the Tax Code to Reduce Tax Rates

December 20, 2017 | H.R. 1

This bill amends the Internal Revenue Code in a way that makes working people pay the price for massive tax giveaways to millionaires and wealthy corporations. In addition to lowering the top tax rate for wealthy individuals and reducing the corporate rate by nearly 40%, the bill lowers the tax rate on offshore profits to zero, which gives corporations a giant incentive to move American jobs offshore. The bill also eliminates the Affordable Care Act's individual mandate, which will mean the loss of health care for 13 million Americans and a 10% premium increase, on average. The bill passed the House and Senate, was signed by President Trump and became law on December 22, 2017.

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