What the tax reform bill means for individuals and business owners.
On 12/20/17, both the House (in a 224–201 vote) and the Senate (in a 51–48 vote) passed H.R. 1—commonly referred to as the Tax Cuts and Jobs Act (TCJA). The bill will be sent to President Trump, who is expected to sign it into law. Hailed as the largest major tax reform in over three decades, the TCJA contains a whole host of tax provisions that impact individuals and businesses.
The bill cuts the top individual income tax rate from 39.6% to 37% and the top corporate tax rate from 35% to 21%. The bill also doubles the standard deduction, eliminates or limits many of the itemized deductions, and permanently reduces the ACA’s individual shared responsibility payment to zero. The full legislative text of the bill is available at www.congress.gov/bill/115th-
Click on the links below to learn how individuals and businesses will be affected.
If you have any questions, please let us know.