The Tax Cuts and Jobs Act is arguably the most significant change to the Internal Revenue
Code in decades, the law reduces tax rates for individuals and corporations and repeals many
deductions, thus simplifying filing for many taxpayers. Most of the individual changes will expire
at the end of 2025, meaning the old tax code rates and deductions will return in 2026 unless
Congress passes another law before then. Following are the most notable changes taking effect
after December 31, 2017:
Tax Brackets and Tax Rates
There are seven tax rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Alternative Minimum Tax:
The phaseout thresholds are increased to $1,000,000 for married taxpayers filing a joint return,
and $500,000 for all other taxpayers (other than estates and trusts). These amounts are
indexed for inflation.