Congress Votes on Tax Bill: What the ‘Tax Cuts and Jobs Act’ Means for You

President Trump signed tax reform legislation into law on Friday, which marked his first major legislative victory since taking office. The bill passed through the Senate with a narrow 51 to 48 vote. The bill reduces the corporate tax rate from the current 35% to 21%. It keeps seven tax brackets for individuals, but reduces rates in five. The Affordable Care Act’s penalty for failing to carry insurance has been removed, the estate tax exemption levels have doubled, and local and state property tax deductions are allowed up to $10,000.

See Madeline Farber, Sam Chamberlain & Kaitlyn Schallhorn, Congress Votes on Tax Bill: What the ‘Tax Cuts and Jobs Act’ Means for You, December 22, 2017.