The full text of the Tax Cuts and Jobs Act was released on November 2nd . Although the changes have not been finalized, the following are some of the highlights that might affect you if it passes as currently written:
The Act would reduce the number of tax brackets from 7 to 4:
For married filing jointly 12% (0-$90,000), 25% ($90,000-$260,000), 35% ($260,000-$1,000,000), 39.6% (greater than $1,000,000).
Elimination of the personal exemption.