By the Numbers: Tax Cuts and Jobs Act

0

The new tax penalty for not buying health insurance (but it doesn’t kick in until 2019).

12

The number of House Republicans who voted against the tax bill: Darrell Issa and Dana Rohrabacher, Calif.; Rodney Frelinghuysen, Leonard Lance, Frank A. LoBiondo and Christopher H. Smith, New Jersey; Walter B. Jones, North Carolina; Dan Donovan, John J. Faso, Peter T. King, Elise Stefanik and Lee Zeldin, New York.

21

The percentage of the corporate tax rate, reduced from 35 percent. It’s the lowest it has been since 1939.

26

The percentage of Americans who approve of the tax bill, according to a Monmouth University poll. The poll found 47 percent disapprove.

47

The relatively short number of days the House took to pass the bill since its Nov. 2 introduction.

53

The percentage of taxpayers facing higher taxes in 2027, when the tax bill provisions expire.

80

The percentage of taxpayers getting a tax cut in 2018.

82.8

The percentage of benefits that go to the top 1 percent in 2027 when the tax bill provisions expire for most people.

503

The number of pages in the tax bill. If you include the related conference committee report, it runs to 1,097 pages.

70 million

The number of Americans who don’t make enough to pay taxes.

$448 billion

The increase to the deficit in the next 10 years due to the tax bill.

$1.456 trillion

The net loss in revenues in the next 10 years as a result of the bill, according to the Joint Committee on taxation. Other analyses show different results ranging from $448 billion to more than $2 trillion. No analysis shows the legislation paying for itself.

$1.8 trillion

The amount of revenue the U.S. Treasury reports the bill will bring in based on a 2.9 percent annual growth. The figure also assumes that the rest of Trump’s agenda on infrastructure spending, deregulation and welfare reform will be implemented. The Congressional Budget Office estimates annual growth will be 1.9 percent.

Sources:  docs.house.gov, msn.com, taxpolicycenter.org