Tax Reform Made Simple?

Overview

In a summary of the tax law signed on December 22, 2017, there are still seven individual tax brackets, but the top rate was lowered from 39.6% to 37%. Most of the law's provisions became effective on January 1, 2018, with numerous provisions expiring after 2025. Like most tax laws, it is neither positive nor negative in and of itself; rather, its effects will vary according to taxpayers' individual circumstances. The bill includes both personal and corporate tax changes, including key provisions applicable to high-net-worth individuals.

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