How the Tax Cuts and Jobs Act changed our tax system.
Enacted just before the end of 2017, the Tax Cuts and Jobs Act is a major overhaul of federal income taxation. Most of its provisions affecting individual taxpayers take effect in 2018 and are scheduled to expire eight years later.
AMT Repeal, for Most
No, Congress didn’t repeal AMT, but the effect is the same for most of us. Only a small fraction of those who previously paid alternative minimum tax will pay it under the new law.
Ghost of a Personal Exemption
You won’t be able to claim a deduction for personal exemptions after 2017. Yet personal exemptions still exist, and it can still matter how many you have. Oddly enough, the dollar amount of the exemption can matter, too.
Tax Reform’s Wealthy Losers
While most of us received a tax cut, some taxpayers with very high earnings will actually see an increase in their effective tax rate.