Other names for this bill

This bill sometimes is referred to by its acronym - TCJA.

This bill reduces taxes

This bill reduces tax rates for individuals and corporations.

The tax reductions for corporations are permanent.

The tax reductions for individuals are temporary. Tax rates for most individuals will increase over the next 10 years.

The Obamacare mandate will end after 2018

The bill eliminates the Patient Protection and Affordable Care Act's (Obamacare) requirement to purchase health coverage.

The law doesn't exactly repeal the mandate to purchase health coverage. It merely reduces the penalty for not having insurance to zero.

This part of the law takes effect in 2019, meaning that those with incomes greater than the Federal Poverty Level still are required to have coverage in 2018.

Calls for oil leases in Arctic National Wildlife Refuge

Title II of the bill calls for the selling of leases to drill for oil and gas in the Arctic National Wildlife Refuge (ANWR).

It requires at least two such sales by 2028.