The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and is on its way to the White House. H.R. 1
as approved by Congress, impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there will be “winners” and “losers.” This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more.
The bill also impacts the Affordable Care Act (ACA), effectively repealing the individual shared responsibility requirement.
Highlights:
- 37-Percent Top Individual Tax Rate
- 21-Percent Flat Corporate Tax Rate
- New Tax Regime for Pass-Throughs
- Individual AMT Retained/Modified
- Federal Estate Tax Retained/Modified
- Corporate AMT RepealedMore Generous Expensing
- International Provisions
Use the link below to download the PDF Tax Briefing Report. It details all of the changes and what you can expect from the new tax laws.
