Tax Cuts and Jobs Act Highlights

Significant reforms of personal income tax

  • Most taxpayers pay less at all levels
  • Marriage penalty reduced.

Increase in Standard Deduction

  • $12,000 for individuals
  • $24,000 for married couples

No change in Capital Gains Rates

  • 0% up to $77,200 for married couple
  • 15% from $77,200 to $479,000 for married couple
  • 20% over $479,000 for  married couple

Significant reforms of Corporate Tax

  • Chapter C Corporations pay flat 21%.

Significant reforms of Estate Tax

  • No Estate tax below $11.2 million per person

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