June 18, 2018

How Did Federal Tax Cuts Affect You, Your Friends, And Neighbors?

As Connecting the Dots has reported, state governments are still working out how to deal with certain provisions in the federal tax overhaul that was signed into law last winter. Additionally, the White House and lawmakers on Capitol Hill are now considering a second tax package, focusing specifically on the need to make the provisions affecting individuals and small businesses permanent.

But how is the Tax Cuts and Jobs Act (TJCA) actually working, and how has it impacted American families, businesses, and the economy? The nonprofit, nonpartisan Tax Foundation has released an interactive map that allows users to determine the impact of the tax bill by congressional district. Click here to see how your district fared.

The Brookings Institution also has released a preliminary analysis of the Tax Cuts and Jobs Act that found the bill “will stimulate the economy in the near term, but the long-term impact on gross domestic product (GDP) will be small.” Finally, the National Association of Manufacturing has launched a “Keeping Our Promise” campaign that outlines how businesses have been impacted by the tax package. Click here to read individual stories from the U.S. states.