HR 2078
115th Congress
House
Taxation
Business investment and capital
Capital gains tax
Corporate finance and management
Employment taxes
Income tax deductions
Income tax rates
Inflation and prices
Taxation of foreign income
Transfer and inheritance taxes
U.S. and foreign investments
Jump Start America Act of 2017
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 6, 2017
Referred to the House Committee on Ways and Means.
Apr 6, 2017
Introduced in House
Plain-English summary
Jump Start America Act of 2017
This bill amends the Internal Revenue Code, with respect to several corporate and individual income tax policies, to:
- revise individual income tax rates to establish a 20% rate on taxable income of $1 million or less and a 30% rate on taxable income over $1 million, with an adjustment for inflation after 2016;
- revise the income tax rates on corporations to impose a single 20% rate on corporate taxable income;
- modify the formula for calculating the tax on the net capital gains of individual taxpayers to provide for a maximum 15% rate on the adjusted net capital gain of such taxpayers;
- reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States and make the lower rate permanent;
- increase the additional depreciation allowance (bonus depreciation) from 50% to 100% of the adjusted basis of qualifying business property and to make such increased allowance permanent;
- reduce Social Security and Medicare payroll taxes for employers, employees, and the self-employed; and
- repeal the federal estate, gift, and generation-skipping transfer taxes.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1