Summary: H.R.2078 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.2078. Bill summaries are authored by CRS.

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Introduced in House (04/06/2017)

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.