New Tax Law

New tax law is getting closer. Republican leaders say they have the votes needed for passage of the Tax Cuts and Jobs Act and it’s expected that the measure will be approved in both the House and Senate this week without any Democratic support. It will then be sent to President Trump for his anticipated signature. Among the many changes beginning in 2018: The highest tax bracket will be 37%, as compared with 39.6% currently and there will be a new deduction for business pass-through income. The law will be the largest major tax reform in over three decades.