Skip links

First Look at the Tax Cuts and Jobs Act of 2017: Impact on Individuals

By Sidney Kess
CPA Journal
January 2018 Issue

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (H.R. 1) designed to cut taxes on individuals and businesses, stimulate the economy, and create jobs. The tax cuts are projected to cost the government nearly $1.5 trillion, but the long-term impact on the deficit is unclear; the measure adds to the deficit in the short term but could reduce it in the long term if predictions of economic growth come true. This article summarizes of the key provisions affecting individuals. All of the following provisions apply starting in 2018 unless otherwise noted. Most of the provisions for individuals are temporary; they expire after 2025 unless Congress takes further action.


Published with permission from the CPA Journal.

Click here for the full article.