How the new tax bill, “Tax Cuts and Jobs Act,” affects you

cover of the Tax Cuts and Jobs Act special report

Get the Report - President Signs Sweeping Tax Overhaul Into Law

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the Senate, 51 to 48, in the early morning hours of December 20, followed by House approval, 224 to 201, later the same day. President Trump signed the bill into law at the White House on December 22, 2017.

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  • Corporate AMT Repealed
  • More Generous Expensing
  • International Provisions
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