How the 2017 Tax Act Affected CBO’s Economic and Budget Projections

The 2017 tax act changed the corporate income tax rate, international taxes, the taxation of domestic business activity, individual income taxes, and estate and gift taxes. It also eliminated the penalty for not having health insurance and required the use of an alternative inflation measure to adjust tax provisions.

Those changes will have effects on the economy’s productivity and output, income, and the federal budget, all of which are reflected in CBO’s baseline economic and budget projections.

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