November 3, 2017
ICYMI: AAF Analyzes the Tax Cuts and Jobs Act
The American Action Forum (@AAF) has released a series of brief explainers on various parts of the Tax Cuts and Jobs Act.
While the bill’s tax cuts will reduce federal revenues, the resulting economic growth could increase revenues enough to offset much of the projected loss.
The bill makes numerous changes to the way financial services products and companies are taxed, including life insurance and particular kinds of bonds, while eliminating one tax preference related to retirement savings and limiting the mortgage interest deduction.
Proposed Changes To The Child Tax Credit
The bill expands the Child Tax Credit while introducing two other family-focused tax credits.
Tax Reform Changes To Energy Tax Credits
The bill eliminates some tax advantages for wind and solar energy, moving toward a more equal treatment of different clean energy sources, while eliminating some tax benefits for fossil fuels.