H.R. 2078 · 115th Congress
Jump Start America Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
WilliamsSponsorNo cosponsors.
This bill amends the Internal Revenue Code, with respect to several corporate and individual income tax policies, to:
What it does: CRS summary · Introduced in House · Apr 6, 2017
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Jump Start America Act of 2017
Latest action (Apr 6, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 6, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.