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The Tax Cuts and Jobs Act of 2017 is the most significant tax legislation since the Tax Reform Act of 1986. The act cut tax rates by approximately 3 percentage points per bracket, significantly increased the standard deduction, eliminated personal exemptions, doubled the Child Tax Credit, and created a Dependent Tax Credit for dependents other than qualified children.
This paper compares a generic married taxpayer with different levels of income, different numbers of children, and different ages of the children and determines how much the tax decrease or increase for that taxpayer is.
The conclusion is that almost all taxpayers with income under $690,000 and with children under 17 will pay less tax under the new tax act. However, middle to upper income taxpayers without children under 17 may pay more tax.