22 New Tax Laws

 What Are the Main Changes in New Tax Laws for Individual Income Taxes?

Landmark legislation is the Tax Cuts and Jobs Act of 2017 that overhauls the U.S. tax code for individuals, families, and businesses. The Act reduces individual income taxes by about $1 trillion over ten years and provides substantial benefits to U.S. corporations, including lower rates and a territorial taxation system.

The Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law on May 24, 2018, as part of an effort to ease specific regulations on banks, credit unions, and savings associations found in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The United States Congress has passed several new tax laws in the past few years. These new tax laws are designed to make the U.S. tax code fairer, easier to understand, and less burdensome.

These new tax laws include:

1) Tax reform law

2) Tax Cuts and Jobs Act

3) Protecting Americans from Tax Hikes Act

4) Consolidated Appropriations Act, 2018

5) Bipartisan Budget Act of 2018

The new law lowers income tax rates for most individual taxpayers, reduces the number of personal income tax brackets from seven brackets to five brackets, doubles the standard deduction, and creates a new deduction for pass-through business income.

The new law also exempfies the personal exemption deduction and alters or limits other deductions. Taxes are a significant expense for any individual or business. To save on taxes, it is essential to understand the latest changes in tax law.

This section will cover 22 new tax laws passed in December 2017.We will go over a brief introduction to these and their use cases.

The Tax Cuts and Jobs Act (TCJA) is the most sweeping tax reform since the Reagan administration. Starting in January 1, 2018.

This Act contains 22 new tax laws. Some of these include:

- The TCJA eliminates the personal exemption deduction for individuals, which means that you are now subject to paying taxes on your entire income for the year.

- The TCJA creates a new 20% deduction for qualified business income from sole proprietorships, partnerships, and S corporations.

- The TCJA creates a new 25% pass-through rate for qualified real estate investment trusts (REITs). 

The following are 22 new tax laws and changes in the Tax Cuts and Jobs Act of 2017:

1) Personal exemptions were eliminated, but a $12,000 standard deduction was added for single filers and married couples filing jointly

2) The child tax credit was doubled to $2,000 per child under 17 years old with up to $1,400 refundable

3) A 20% deduction for qualified business income from pass-through entities

The Tax Cuts and Jobs Act will have an enormous impact on the U.S. economy. It will also significantly affect the global economy, as many countries are watching how this new law will affect the U.S. economy and their economies. This article is about 22 new tax laws introduced with this bill, including changes to income tax rates, estate taxes, retirement savings plans, business taxes, international taxation, & more.