By Andrew Rosen via Iris.xyz
There’s no secret; a lot of change is coming with the proposed tax bill dubbed the Tax Cut & Jobs Act of 2017. Regardless if for it or against it (or have no idea what it is about), I suggest everyone understand its key components.
I know you all want to read all 1,000 plus pages of tax jargon (lol). However, I decided to distill the key points into one blog post! Most changes will go into effect in 2018 and sunset in 2025 (meaning the changes are up for review in 2025).
New Tax Rates
The first important thing is the new tax rates. There are still 7 tax brackets; however, the new rates are lowered as follows:
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