Tax Reform: A Guide for Investors

The Tax Cuts and Jobs Acts is the most comprehensive piece of tax legislation since 1986. Figure 1 provides a summary of the major changes that will impact individuals and corporations. On the individual side, the important takeaways of the TCJA are as follows: 1) increases the standard deduction and eliminates personal exemptions, 2) places a $10,000 cap on property and state and local income taxes1 (“SALT”) in addition to eliminating other deductions 3) maintains seven brackets, but changes the rates and income ranges associated with each and 4) lowers the effective rate on pass through entities.

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