Jump Start America Act of 2017

Jump Start America Act of 2017

This bill amends the Internal Revenue Code, with respect to several corporate and individual income tax policies, to:

revise individual income tax rates to establish a 20% rate on taxable income of $1 million or less and a 30% rate on taxable income over $1 million, with an adjustment for inflation after 2016;

revise the income tax rates on corporations to impose a single 20% rate on corporate taxable income;

modify the formula for calculating the tax on the net capital gains of individual taxpayers to provide for a maximum 15% rate on the adjusted net capital gain of such taxpayers;

reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States and make the lower rate permanent;

increase the additional depreciation allowance (bonus depreciation) from 50% to 100% of the adjusted basis of qualifying business property and to make such increased allowance permanent;

reduce Social Security and Medicare payroll taxes for employers, employees, and the self-employed; and

repeal the federal estate, gift, and generation-skipping transfer taxes.