Model Estimate T17-0223 - Unified Framework; Impact on Tax Revenue, 2018-27 by Fiscal Year and Total for FY2028-37 t17-0223.xlsx
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Table shows the revenue effects of the Unified Framework as released 9/27/2017. Proposal would repeal individual and corporate AMT; personal exemptions; itemized deductions (except charitable and mortgage interest)and Pease limitation; certain business deductions and credits; and estate tax. Proposal would enact 3 individual tax rates of 12, 25, and 35 percent; increase standard deduction to $24,000 married ($12,000 single/$18,000 head of household), indexed for inflation after 2018; increase non-refundable portion of child tax credit to $1,500 (unindexed) and phaseout threshold for married couples to $150,000 (unindexed); enact $500 (unindexed) credit for non-child dependents; max tax rate of 25 percent on pass-through income;20 percent corporate tax rate; expensing of equipment put in service through 12/31/22; territorial system with global reduced rate tax on foreign profits of U.S. multinationals; deemed repatriation over 8 years of accumulated untaxed pre-2018 earnings of CFCs, with reduced rates; index tax system using chain-weighted CPI.

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Model Estimates Type Revenue Tables
Primary topic Business Taxes
Topics Tax rates (business) Current legislative proposals Fundamental reform proposals Tax rates
Model Estimates from the same Simulation Run September 29, 2017
Model Estimate
T17-0224 - Unified Framework; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018
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T17-0225 - Unified Framework; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2018
Model Estimate
T17-0226 - Unified Framework; Distribution of Federal Tax Change by Expanded Cash Income Level, 2027
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T17-0227 - Unified Framework; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2027
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