The 2017 tax law
They made the corporate cut permanent — and put yours on a timer.
In December 2017, Congress cut the corporate tax rate from 35% to 21% and made it permanent — a $1.3 trillion gift over ten years, the biggest item in the law.
Regular families got cuts too, but smaller and temporary: about $60 a year for the bottom fifth, $800 in the middle — while the top 1% averaged $33,000.
None of it was paid for. It went on the national credit card, and the interest line on your tax bill has been covering it ever since.
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The 2017 tax law handed the bottom $60, the middle $800, and the top 1% $33,000 a year — and only the corporate cut was written in permanent ink.
Receipts: JCT via CBPP · TPC