Impact of the 2017 Tax Act on Individuals

The 2017 tax act (Pub. L. No. 115-97) changed the individual rates, reducing the top rate to 37%, eliminated the personal exemption, increased the standard exemption, and eliminated or reduced many deductions. The 2017 tax act also made significant changes to the taxation of estates.

Individuals should assess the impact the changes will have on their tax situations. Many individuals will see their tax liability decrease, while others will see increases.   

This report provides a summary of the changes affecting individuals and estates.