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- Corporate AMT Repealed
- More Generous Expensing
- International Provisions
Read more in this NSA/CCH Special Report, Click below to download.
Also mark your calendar for Thursday, January 25th for a special NSA webinar on the Tax Cuts and Jobs Act: What You Need to Know. More details coming soon!