December 20, 2017
Projected Tax Bill Effects on Louisiana Residents 2019 vs. 2027
Source: Institute on Taxation and Economic Policy, CNBC
After passing through the Senate and the House twice, the first major overhaul of the nation’s tax laws since 1986, in the historic $1.5 trillion GOP tax bill, is expected to become law when United States President Donald Trump officially signs the legislation.
There are more than 500 pages of new rules and provisions, and the plan covers a 10-year span through 2027. The legislation permanently slashes the tax rate for corporations from 35 percent to 21 percent, and generally reduces individual tax rates.
Tax cuts for corporations would be permanent while the cuts for individuals would expire in 2026 to comply with Senate budget rules. The tax cuts would take effect in January, and workers would start to see changes in the amount of taxes withheld from their paychecks in February. Families making between $50,000 and $75,000 are expected to see average tax cuts of $890. Families making between $100,000 and $200,000 should have tax cuts averaging $2,260, while families making more than $1 million would get average tax cuts of nearly $70,000. (Associated Press).
Before this new tax law takes effect, there are several “action items” both corporations and individuals can do before the end of 2017 to take advantage of what will be down the pipeline:
As the tax bill becomes law, we will continue to follow all of the rules and effects, and report our findings on our web site and blog, but if you have any questions or require additional information about the GOP tax bill, please do not hesitate to contact me at firstname.lastname@example.org
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