President Trump is now celebrating in Florida after signing the bill for the Tax Cuts and Jobs Act. The Tax Cuts and Jobs Act, which is now officially known as “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018,” cuts business taxes from 35% to 21% and cuts several personal tax rates, though personal tax cuts are currently temporary. The law also adds a 20% deduction of income for businesses structured as tax flow-through entities, which is a common structure among small businesses.
After weeks of compromising their respective bills of the forthcoming tax reform, House and Senate Republicans released their joint tax bill yesterday afternoon. With votes planned early in the upcoming week, the bill may become law within days. Below are some key features of the bill.