{
  "id": "R45092",
  "type": "CRS Report",
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  "source": "EveryCRSReport.com",
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      "source": "EveryCRSReport.com",
      "id": 585134,
      "date": "2018-02-06",
      "retrieved": "2018-09-13T22:41:08.221755",
      "title": "The 2017 Tax Revision (P.L. 115-97): Comparison to 2017 Tax Law",
      "summary": "A tax revision enacted late in 2017 substantively changed the federal income tax system (P.L. 115-97). Broadly, for individuals, the act temporarily modifies income tax rates. Some deductions, credits, and exemptions for individuals are eliminated, while others are substantively modified. These changes are mostly temporary. For businesses, pass-through entities experience a reduction in effective tax rates via a new deduction, which is also temporary. The statutory corporate tax rate is permanently reduced. Many deductions, credits, and other provisions for businesses are also modified. The act also substantively changes the international tax system, generally moving the U.S. tax system towards a territorial system.\nThis report provides a brief summary of P.L. 115-97, comparing each provision in the act with prior tax law. The report also provides a brief legislative history of activity leading to enactment of P.L. 115-97, along with estimated revenue and distributional effects of the recently enacted law.",
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      "typeId": "REPORTS",
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      "topics": [
        {
          "source": "IBCList",
          "id": 4945,
          "name": "Tax Reform"
        }
      ]
    }
  ],
  "topics": [
    "Economic Policy",
    "Legislative Process"
  ]
}