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Department of Taxation2017 Tax Rate Schedules  Form

Department of Taxation2017 Tax Rate Schedules Form

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So, today we're going go over some of the most sweeping tax legislation that we've seen since the Tax Reform Act of 1986 under Ronald Reagan. This is called the Tax Cuts and Jobs Act, which was enacted in December of 2017. So, my job, one of these few minutes is to talk about this legislation which is so sweeping that we could probably talk about for half an hour. However, we have about 3 or 4 minutes. So, let's get to it. The first thing is, what's happened to the tax brackets across the board, they've all come down. So, for individuals, the 15% federal brackets come down to 12%, The 25% gone to 22%. The 28’s gone to 24. The 33 has gone to 32%. And the top rate of 39.6% has come down to 37%. Also of note, and we've heard a lot of this is that for corporations, there are top marginal rate has gone from a top bracket of 35% down to 21%. Think about that difference. The whole idea here under this legislation is that companies will have mo

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