The recently enacted Tax Cuts and Jobs Act, signed into law Dec. 22, 2017, is the most significant tax legislation since 1986. In this alert, we focus on the changes that affect individual income, gift and estate tax.
Individual income tax
New tax brackets
Most income previously included in the 10 percent and 15 percent brackets is now taxed at 12 percent, and most of the income previously included in the 25 percent and 28 percent brackets is now taxed at 24 percent.
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