when does the republican tax plan go into effect
Tax Cuts and Jobs Act of 2017 The House passed the penultimate version of the bill on December 19, 2017, though for Senate procedural reasons small changes were needed and a revote was held in the House.[25] The Senate passed the final version on December 20 in a 51â€“48 vote and that final version was passed by the House of Representatives on that same day. The bill was signed into law by President Donald Trump on December 22, 2017. Most of the changes introduced by the bill went into effect on January 1, 2018 and will not affect 2017 taxes.[26]
Goods and services tax (Canada) On July 1, 2006, the Government of Canada reduced the tax by 1 percentage point (to 6%), as promised by the Conservative Party in the 2006 election campaign.[7][8][9] They again lowered it to 5%, effective January 1, 2008.[10] This reduction was included in the Final 2007 Budget Implementation Bill (Bill C-28),[11] which received Royal Assent on December 14, 2007. This change has been estimated to have decreased government revenues by approximately $6 billion.[12][13] Opponents of these tax decreases cited that sales taxes target those who spend more and therefore such reductions disproportionately benefit Canadians giving those who have the most and spend the most the largest tax decrease.[8]