Two simple but sweeping changes affect nearly everyone: many tax brackets have widened in their amounts and have also decreased in tax rate.
The standard deduction (the amount of income that you can deduct from earnings without itemizing) has essentially doubled.
For years American’s have been waiting for changes to the estate tax, and it’s finally arrived. Now only estate greater than $11.2M for singles or $22.4M for couples are subject to estate tax.
Many of the changes from tax reform relate to businesses, specifically pass-through businesses like LLCs. Many of these businesses will benefit from significant tax rate reductions.