<p>The conference agreement on the Tax Cuts and Jobs Act would increase long-term GDP by 1.7 percent, which would translate into 1.5 percent higher wages and an additional 339,000 full-time equivalent jobs, but would decrease federal revenue by $1.47 trillion on a static basis and by $448 billion on a dynamic basis, the Tax Foundation said in a December report.</p>

Tax Foundation Releases Preliminary Analysis of Final Tax Bill

The conference agreement on the Tax Cuts and Jobs Act would increase long-term GDP by 1.7 percent, which would translate into 1.5 percent higher wages and an additional 339,000 full-time equivalent jobs, but would decrease federal revenue by $1.47 trillion on a static basis and by $448 billion on a dynamic basis, the Tax Foundation said in a December report.