2023 Taxes Cheat Sheet - Flipbook - Page 9
2018 UPDATED EDITION:
Retirement Taxes Cheat Sheet
Tax Cuts & Jobs Act of 2017 Summary
After months of arguments for and against tax reforms proposed by President
Trump and the GOP majority Congress, the Tax Cuts and Jobs Act of 2017
was passed along party lines in the House and Senate in late 2017. The reform
lowers corporate and individuals and makes changes to the existing tax code
in an effort to stimulate economic growth and simply filing.
Summary of Key Tax Reform Changes:
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7 Marginal Tax Brackets Still Remain
5 out of 7 Brackets Reduced Between from 1% to 4%
Bracket Increases Linked to Chained CPI (Inflation)
Standard Deduction Increases
• Single Increases from $6,500 to $12,000
• Joint Increases from $13,000 to $24,000
Eliminates $4,150 Personal Exemption
Limits Mortgage Deduction to $750,000
Caps State & Local Tax (SALT) Deduction to $10,000
Doubles Child Tax Credit to $2,000
Raises Alternative Minimum Tax Exemption (AMT)
Repeals Obamacare Individual Mandate ($0 Penalty)
Changes Scheduled to Expire on 12/31/2025
To read more about the impact of the Tax Cuts and Jobs Act, download
the detailed analysis at TaxFoundation.org, which can be found here:
https://files.taxfoundation.org/20171220113959/TaxFoundation-SR241-TCJA-3.pdf
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