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The 2017 Tax Cuts and Jobs Act reduced tax expenditures but by much less than the Tax Reform Act of 1986, relative to the size of the economy. In this report, we review the major changes from the new law to individual (nonbusiness) and business tax expenditures. The former category includes tax expenditures in the individual income tax except those that apply to business income, while the latter category includes tax expenditures in the corporate income tax and those in the individual income tax that apply to pass-through businesses.