US Tax Reform – what does it all mean?
Without question, the most fundamental overhaul of the US tax system since Reagan’s Tax Reform Act of 1986 is the Tax Cuts and Jobs Act 2017, brought in to law by the Trump administration on 22 December 2017.
The Bill is undeniably positive for corporations and business owners, and arguably the majority of American taxpayers are likely to experience a reduction in their tax liabilities (at least temporarily – many of the new individual measures expire in 2025) as a result of the new provisions introduced.
However, there is a potential sting in the tail for homeowners and those who usually reside in the US with higher state and local taxes.
The act is complex and wide-ranging, but we hope to cut through the jargon by providing an overview of the key aspects affecting businesses and individuals.