A raft of changes to the US Federal Income Tax take effect for the 2018 tax year. Getting agreement on these changes was very much an eleventh hour event, involving hard bargaining between the two branches of Congress as well as input from President Trump and his team.
Some aspects of what was passed into law just before Christmas 2017 are materially different from either what was proposed during the 2016 election campaign or the original proposals from the House Ways and Means Committee.
We have picked out a few highlights that should be of interest to globally mobile US citizens and Green Card holders. Clicking on the links below will take you to more detailed commentary.
- New Tax Rates and Thresholds
- Deductions & Personal Exemptions – major changes
- Pass Through Entities
- Net Operating Losses
- Carried Interest - major changes
- Alternative Minimum Tax and Net Investment Income Tax
- Estate and Gift Taxes– major changes
If you would like to discuss any of these changes in further detail, please speak to your usual Westleton Drake contact.