A Brief Backgrounder On The Tax Cuts And Jobs Act Of 2018...

Jan, 2019 by

In December 2017, the US Congress passed what is now recognized as the most significant tax reform legislation in more than thirty years. Previously known as “The Tax Cuts and Jobs Act,” the bill was signed into law by President Donald Trump on December 22, 2017. Passed by the Republican Vote The road toward signing has been a long and winding one for the bill, which won a 227-203 vote on December 19, solely on Republican support. A few hours after midnight, it breezed through the Senate, garnering a 51-48 vote. The final version, by then a $1.5 trillion bill, was subsequently approved by the House. The bill came into effect on January 1, 2018. Consequently, taxpayers began to see changes in their taxes throughout the 2018 tax year. What’s in a Name Interestingly,...

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