Individuals are now subject to the following tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Before the Act, individuals were subject to the following tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% and estates and trusts were subject to five different tax brackets: 15%, 25%, 28%, 33%, and 39.6%. Tax rates and brackets for individuals and trusts and estates have been updated. If you have any questions regarding the Act, please contact a Schwabe attorney. In this summary, we address the major issues that will affect our clients and their industries in the years to come. The Act is generally effective starting in 2018. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to matters affecting pass-through and tax-exempt organizations. The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017.
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