Category: Tax Cuts And Jobs Act
The Tax Cuts and Jobs Act of 2017 Becomes Law
The Tax Cuts and Jobs Act of 2017: Highlights of the Final Tax Cuts and Jobs Act The tax reform bill passed both the House and the Senate and was signed into law by the President on December 22nd. The legislation will result in substantive tax reform for corporations, with the elimination of the corporate AMT and consolidation down to a single 21% tax rate. Individuals, however, will find that the new legislation is more of a series of cuts and tweaks. Almost all individual households will see a tax reduction in the coming years with all seven tax brackets decreasing by a few percentage points We have compiled a list of some of the key elements and provided a comparison between the current law and the Tax Cuts and Jobs Act of 2017. The Tax Cut and Jobs Act Provision Current Law New law January 1, 2018 Tax Brackets We have seven (7) tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% Keeps seven (7) tax brackets that lowers individual tax
THE TAX CUTS AND JOBS ACT - CURRENT LAW VS. HOUSE AND SENATE PROPOSALS
Over the weekend of December 2nd, the Senate passed its tax reform bill, with a vote that mostly followed party lines. The recent Senate vote follows the Houses tax bill which was passed several weeks earlier. While the House could choose to expedite legislation by voting on the Senate bill without amendments, Republican leadership has indicated a conference committee will be assembled to reconcile differences between the bills. Modifications will need to be done in a manner that finds suitable compromises while still positioning the final bill to carry a majority vote in both houses. The Republicans have stated that their goal is to have a complete bill to President Trump by Christmas. We know that many of our clients wonder what these changes look like, and how the two bills compare to each other. Below is a chart comparing current law with the House and Senate proposals. Its likely we will see some changes as a final bill coalesces. The Tax Cut and Jobs Act: A Side by Side
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