On Friday, December 22, 2017, President Donald Trump signed the massive tax bill. Formerly known as the Tax Cuts and Jobs Act – so-named because it cuts individual, corporate and estate tax rates, and the lower corporate tax rates are said to be a precursor to job creation – the bill went into history as “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018,” courtesy of a technicality enforced by the Senate parliamentarian.
The final bill is more than 500 pages – and the title gives you just a whiff of how the text reads. Even tax and public policy experts probably need megadoses of caffeine to slog through it. The ultimate effect on Americans and the economy remains to be seen. But some effects are clear already.