Tax Cuts and Jobs Act


In Brief

  • Signed into law by the President on Dec. 22, 2017
  • Joint Committee on Taxation estimates the cost at $1.4-trillion over 10 years
  • Corporate tax rate lowered to 21 percent
  • Seven individual tax brackets (10%, 12%, 22%, 24%, 32%, 35% and 37%)
  • Increase in the standard deduction to $12,000 for single filers and $24,000 for married couples
  • Repeal of personal exemptions and miscellaneous itemized deductions
  • Most of the tax cuts for individuals would become effective in January 2018 and expire in 2025 (and revert to the rules prior to this legislation
  • Reduction in the corporate rate would become effective in January 2018 and be permanent


Questions, comments, feedback

Gayle Floresca
Assistant Director, Education | 312.517.7618