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Breaking Down the Tax Bill
Over the last few months, Republicans in Congress have labored over a new tax bill. On Friday, December 22, President Trump signed the final bill into law.
It’s the most significant overhaul of the tax code since 1986 – and it’s something political, legal, and financial professionals will be analyzing for months to come. The Tax Cuts and Jobs Act, as it’s officially known, contains many provisions affecting everyone from parents to small business owners – provisions that could have a significant impact on your overall finances.
Taxation is a politically-charged subject, of course. Everyone has an opinion, because everyone’s got a stake. I have opinions of my own, of course, but I’m not a political analyst. I’m your financial advisor. So, I’ve tried to write this letter to be as neutral as possible. For that reason, you’re about to see a lot of numbers.
Most of these provisions go into effect in 2018. That means we should start educating ourselves on the basics of the new tax bill now. To help, I’ve prepared a sort of primer that breaks down some of the main changes to the tax code. Understand, this letter is not intended to be a complete, exhaustive analysis of the entire bill. But at least this way, you’ll be familiar with some of the broad strokes.
As always, if you have any questions, please don’t hesitate to let me know. Additionally, if you would ever like me to confer with your personal tax advisor, I would be happy to do so.
Barbara B. Hudock, CIMA®, CPM®
Chief Executive Office
Michael J. Hudock, Jr., CPM®
President and Founding Partner