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President Trump Signs Sweeping Tax Overhaul

December 22, 2017

The Tax Cuts and Jobs Act (H.R. 1) was signed today by President Trump. H.R. 1 impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there are “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 Include:

  • 37-Percent Top Individual Tax Rate
  • 21-Percent Top Corporate Tax Rate
  • New Tax Regime for Pass-throughs
  • Individual AMT Retained/Modified
  • Federal Estate Tax Retained/Modified
  • Corporate AMT Repealed
  • More Generous Expensing
  • International Provisions

 

Download our Guide: Tax Cuts and Jobs Act
 

We will keep you apprised as new developments occur. In the meantime, please reach out to your BlumShapiro Tax Partner with any questions.

 

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