masterfulhusband: None yet. It has to be reconciled with a vastly different house bill and then passed again.
hotpotato70: Also: does this apply to 2017 taxes? Or does it start with 2018 taxes?
DiogenesKuon: The tax bill is 500 pages long and there were a lot of changes still going on right to the end. It’s not just an adjustment to the income tax brackets, it’s a whole bunch of changes. As such there is no good answer to your question. The big take aways are:
– Big reduction in corporate income tax rate will make large companies very happy.
– Pass through rate change will make certain styles of business (law firms, hedge funds) extremely happy
– Income tax changes are moderate, and are set to expire (though it’s the kind of thing that might just always get re-applied without being made permanent)
– People in high tax states (California, New York) lose out, and many of them will end up with their taxes raised.
Datgoy: With America no longer having the highest cooperate tax rate in the world the wealthy will probably end up bringing their money back to America instead of putting it all overseas where we can’t tax it.