when did the new tax bill take effect
Tax Cuts and Jobs Act of 2017 The individual and pass-through tax cuts fade over time and become net tax increases starting in 2027 while the corporate tax cuts are permanent. This enabled the Senate to pass the bill with only 51 votes, without the need to defeat a filibuster, under the budget reconciliation process.[8] 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.[9] 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.[10]
Goods and Services Tax (New Zealand) Since its introduction it has had two increases, on 1 July 1989 the rate increased to 12.5%[4] and on 1 October 2010 it increased again to 15%,[2] to pay for income tax cuts by the National Government.