On December 22, President Trump signed into law the most sweeping overhaul of the tax system in more than 30 years - H.R. 1, also known as the “Tax Cuts and Jobs Act". Passage of the tax bill marked the culmination of the President’s first major legislative achievement nearly one year into his first term.
There had previously been some speculation that Trump would sign after year end to avoid triggering a 2010 law known as “PAYGO” or “pay as you go”, a budget law that requires spending cuts to Medicare and other programs if legislation is approved that is projected to add to a deficit. However, Congress waived this “trigger” in its stopgap spending bill that was signed by Trump at the same time as H.R. 1.
The House passed the measure on December 20 by a vote of 224 to 201, and the Senate had passed it by a 51-48 margin the night before.
Though the business provisions in the Act are generally permanent, most of the individual tax provisions become effective on January 1, 2018 and unless renewed, will expire on December 31, 2025.
For more information please contact via email Steven A. Loeb, Esq. or by phone at 973-538-4700 ext. 229.
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