Question

Tax Legislation

Discuss the implications of the tax cuts and jobs of 2017 in reference to individuals, corporations, estates and trust. Make a concerted effort to highlight the critical elements that constitutes this new legislation.

Answer 1

-For individuals:In comparison to the previous rates ,the tax rates get slightly lower than before

Rates under Previous-Tax cuts and Jobs Act:10%, 15%, 25%, 28%, 33%, 35%, 39.6%

Rates under Tax cuts and Jobs Act:10%, 12%, 22%, 24%, 32%, 35%, 37%

Rate	Married Filing Joint	Married Filing Separate	Head of Household	Single
10%	Up to $19,050	Up to $9,525	Up to $13,600	Up to $9,525
12%	$19,051 to $77,400	$9,526 to $38,700	$13,601 to $51,800	$9,526 to $38,700
22%	$77,401 to $165,000	$38,701 to $82,500	$51,801 to $82,500	$38,701 to $82,500
24%	$165,001 to $315,000	$82,501 to $157,500	$82,501 to $157,500	$82,501 to $157,500
32%	$315,001 to $400,000	$157,501 to $200,000	$157,501 to $200,000	$157,501 to $200,000
35%	$400,001 to $600,000	$200,001 to $300,000	$200,001 to $500,000	$200,001 to $500,000
37%	Over $600,000	Over $300,000	Over $500,000	Over $500,000