The coming in of a new administration comes with a lot of changes. Some of these new changes include the scratching of old bills and the passing in of new ones. A new act known as the Tax Cuts and Jobs Act was passed by the US Congress in December 2017. The new law is also known as the Trump tax plan.
You already know by now that the passing of a new bill brings a lot of uncertainty. The new Tax Cuts Act will have an impact on businesses and individuals. The law is not that simple. It will take time for the majority of us to understand as new laws are associated with a lot of complexity.
However, that should not leave you in despair. This article irons out some parts of the Act and how they will affect US taxpayer’s finances.