Compass

Tax Cuts and Jobs Act: Impact on Individuals (1/5/18)

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, a sweeping $1.5

trillion tax-cut package that fundamentally changes the individual and business tax landscape. While many

of the provisions in the new legislation are permanent, others (including most of the tax cuts that apply to

individuals) will expire in eight years. Some of the major changes included in the legislation are summarized here.