Trump Tax Brackets. How Trump Changed Tax Brackets And Rates. Will Your Tax Rate Change?

President Donald Trump signed a law that dramatically overhauled the U.S. tax code in December 2017. The law created new income tax brackets and resulted in changes to what many Americans pay in taxes. Most changes went into effect on Jan. 1, 2018 and so they didn’t affect your tax return until the 2018 tax year, which you file in 2019. Let’s take a look at how the tax changes could have affected you.

President Trump signed a new tax bill, the Tax Cuts and Jobs Act, into law in December 2017. This bill largely didn’t affect individual income taxes until the 2018 tax year, which you file in early 2019. How exactly the Trump tax plan affects you depends on your income, your current filing status and the deductions you take. Take a look at the following guide to help you better understand the main features of the new tax plan.

Many workers may have already noticed changes to their paychecks. Look at your next paycheck to see if you have a different take-home pay as compared to what you had at the end of last year.

The Republican majority of the US Congress passed a law on the most fundamental tax reform over the past three decades.

The law was immediately signed by President Donald Trump and celebrated on Wednesday afternoon at a solemn ceremony in front of the White House, which did not have a single legislator from the opposition Democratic Party.

Her congressional fraction unanimously voted against, saying that reform favors first of all moneybags, not America’s giant middle class, and that it will increase the already huge debt of the country by about a half trillion dollars.

A dozen Republican congressmen from three progressive states with high own taxes — New York, New Jersey, and California — have joined the opposition, many of whose residents may lose as a result of the reform.

A Brief History of the New Tax Plan

In 2017, House Republicans and President Trump worked to introduce a tax bill that would simplify the tax system. They unveiled their long-awaited tax bill, the Tax Cuts and Jobs Act (TCJA), on Nov. 2, 2017. The bill called for sweeping changes to the current tax law.

The House passed the final version of the bill on Dec. 20, 2017, with a final tally of 224-201. Twelve House GOP members and all Democrats opposed the legislation. Originally, the House passed the bill on Dec. 19, but a re-vote was necessary because several provisions of the bill reportedly violated Senate rules and needed to be removed. The Senate passed the corrected version of the bill in the early morning hours of December 20, voting 51-48 along party lines. President Trump then signed the bill into law on Dec. 22, 2017.

Most of the tax changes in the TCJA went into effect in January 2018, for the 2018 tax year. That means the changes didn’t affect many 2017 tax returns (you filed 2017 taxes in early 2018). Employees didn’t see changes in their paycheck withholding until February 2018.

The Trump Tax Brackets 

The chart below shows the  tax brackets from the new Republican tax plan. If you know your yearly income, you can figure out your tax bracket and see what your rate is for your 2018 taxes.

TAX YEAR 2018 FEDERAL INCOME Trump Tax Brackets 
Single Filers Married Filing Jointly Tax Rate
$0 – $9,525 $0 – $19,050 10%
$9,526 – $38,700 $19,051 – $77,400 12%
$38,701 – $82,500 $77,401 – $165,000 22%
$82,501 – $157,500 $165,001 – $315,000 24%
$157,501 – $200,000 $315,001 – $400,000 32%
$200,001 – $500,000 $400,001 – $600,000 35%
$500,001+ $600,001+ 37%

For reference, this chart below shows the tax brackets for 2017. If you find your income in both charts, you can see how the new plan changed your tax rate.

TAX YEAR 2017 FEDERAL INCOME Trump Tax Brackets 
Single Filers Married Filing Jointly Tax Rate
$0 – $9,325 $0 – $18,650 10%
$9,326 – $37,950 $18,651 – $75,900 15%
$37,951 – $91,900 $75,901 – $153,100 25%
$91,901 – $191,650 $153,101 – $233,350 28%
$191,651 – $416,700 $233,351 – $416,700 33%
$416,701 – $418,400 $416,701 – $470,700 35%
$418,401+ $470,701+

39.6%

 

New Trump Tax Brackets 

Trump’s tax plan originally called for cutting the number of tax brackets in the federal income tax system from seven to four, but the final version of the bill maintains the seven brackets. It does, however, change their rates.

Previously, the tax brackets went up to a top rate of 39.6%. The new tax brackets, which apply as of January 2018, have rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. These rates affect income you receive during tax year 2018. When you file in early 2019, these are the rates that determine your tax bill.

The table below breaks down the brackets for single and joint filers. If you use have a different filing status, make sure to read our full breakdown of the current tax brackets.

2018 – 2019 Trump Tax Brackets 
Single Filers Married Filing Jointly Tax Rate
$0 – $9,525 $0 – $19,050 10%
$9,526 – $38,700 $19,051 – $77,400 12%
$38,701 – $82,500 $77,401 – $165,000 22%
$82,501 – $157,500 $165,001 – $315,000 24%
$157,501 – $200,000 $315,001 – $400,000 32%
$200,001 – $500,000 $400,001 – $600,000 35%
$500,001+ $600,001+ 37%

The Trump Tax Plan Increased the Standard Deduction

There are deductions to consider as well. The new tax plan nearly doubled the standard deduction for all filers. If you’re a single filer or if you’re married filing separately, your standard deduction for 2018 is $12,000. Joint filers have a deduction of $24,000 and heads of household get $18,000.

TAX YEAR 2017 STANDARD DEDUCTIONS
Single Filers Married Filing Jointly
$6,350 $12,700
TAX YEAR 2018 (TRUMP PLAN) STANDARD DEDUCTIONS
Single Filers Married Filing Jointly
$12,000 $24,000

President Trump signed a new tax bill, the Tax Cuts and Jobs Act, into law in December 2017. This bill largely didn’t affect individual income taxes until the 2018 tax year, which you file in early 2019. How exactly the Trump tax plan affects you depends on your income, your current filing status and the deductions you take. Take a look at the following guide to help you better understand the main features of the new tax plan.

When does the Trump tax plan start?

Tax Plan Changes That Go Into Effect January 2019

The tax plan does include a few provisions that do not take effect until 2019. For one, the plan repeals the individual mandate of the Affordable Care Act (Obamacare). It’s because of this mandate that you need to pay a tax penalty if you do not have health insurance. The tax plan doesn’t repeal the mandate until the start of 2019 though. That means you will still pay a penalty if you don’t have health insurance in 2018.

Another change for 2019 is that people will no longer be able to deduct alimony payments from their federal taxes.

A Brief History of the New Tax Plan

In 2017, House Republicans and President Trump worked to introduce a tax bill that would simplify the tax system. They unveiled their long-awaited tax bill, the Tax Cuts and Jobs Act (TCJA), on Nov. 2, 2017. The bill called for sweeping changes to the current tax law.

The House passed the final version of the bill on Dec. 20, 2017, with a final tally of 224-201. Twelve House GOP members and all Democrats opposed the legislation. Originally, the House passed the bill on Dec. 19, but a re-vote was necessary because several provisions of the bill reportedly violated Senate rules and needed to be removed. The Senate passed the corrected version of the bill in the early morning hours of December 20, voting 51-48 along party lines. President Trump then signed the bill into law on Dec. 22, 2017.

Most of the tax changes in the TCJA went into effect in January 2018, for the 2018 tax year. That means the changes didn’t affect many 2017 tax returns (you filed 2017 taxes in early 2018). Employees didn’t see changes in their paycheck withholding until February 2018.

New Trump Tax Brackets – Still 7 Total

Trump’s tax plan originally called for cutting the number of tax brackets in the federal income tax system from seven to four, but the final version of the bill maintains the seven brackets. It does, however, change their rates.

Previously, the tax brackets went up to a top rate of 39.6%. The new tax brackets, which apply as of January 2018, have rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. These rates affect income you receive during tax year 2018. When you file in early 2019, these are the rates that determine your tax bill.

The table below breaks down the brackets for single and joint filers. If you use have a different filing status, make sure to read our full breakdown of the current tax brackets.

2018 – 2019 TAX BRACKETS
Single Filers Married Filing Jointly Tax Rate
$0 – $9,525 $0 – $19,050 10%
$9,526 – $38,700 $19,051 – $77,400 12%
$38,701 – $82,500 $77,401 – $165,000 22%
$82,501 – $157,500 $165,001 – $315,000 24%
$157,501 – $200,000 $315,001 – $400,000 32%
$200,001 – $500,000 $400,001 – $600,000 35%
$500,001+ $600,001+ 37%

The Trump Tax Plan Increased the Standard Deduction

There are deductions to consider as well. The new tax plan nearly doubled the standard deduction for all filers. If you’re a single filer or if you’re married filing separately, your standard deduction for 2018 is $12,000. Joint filers have a deduction of $24,000 and heads of household get $18,000.

TAX YEAR 2017 STANDARD DEDUCTIONS
Single Filers Married Filing Jointly
$6,350 $12,700
TAX YEAR 2018 (TRUMP PLAN) STANDARD DEDUCTIONS
Single Filers Married Filing Jointly
$12,000 $24,000

Trump's tax plan doubles the standard deduction. A single filer's deduction increases from $6,350 to $12,000. The deduction for married and joint filers increases from $12,700 to $24,000. It reverts back to the current level in 2026.

It's estimated that 94 percent of taxpayers will take the standard deduction. That will save them time in preparing their taxes. It can also hurt the tax preparation industry and decrease charitable contributions.

The National Association of Home Builders and the National Association of Realtors opposed this. As more taxpayers take a standard deduction, fewer would take advantage of the mortgage interest deduction. That could lower housing prices. But this could be a good time to do that. Many people are concerned that the real estate market is in a bubble that could lead to another collapse.

It eliminates personal exemptions. Before the Act, taxpayers subtracted $4,150 from income for each person claimed. As a result, some families with many children will pay higher taxes despite the Act's increased standard deductions. 

The Act eliminates most itemized deductions. That includes moving expenses, except for members of the military. Those paying alimony can no longer deduct it, while those receiving it can. This change is effective for divorces signed in 2018. 

It keeps deductions for charitable contributions, retirement savings, and student loan interest. 

The Act limits the deduction on mortgage interest to the first $750,000 of the loan.

Interest on home equity lines of credit can no longer be deducted. Current mortgage holders aren't affected. 

Taxpayers can deduct up to $10,000 in state and local taxes. They must choose between property taxes and income or sales taxes. This will harm taxpayers in high-tax states like New York and California.

The Act expands the deduction for medical expenses. It allows taxpayers to deduct medical expenses that are 7.5 percent or more of income. Before the bill, the cutoff was 10 percent. Seniors already had the 7.5 percent cutoff.  At least 8.8 million people used the deduction in 2015. 

The Act doubles the estate tax exemption to $11.2 million for singles and $22.4 million for couples. That helps the top 1 percent of the population who pay it. These top 4,918 tax returns contribute $17 billion in taxes.

The exemption reverts to pre-Act levels in 2026.

The Act increases the Child Tax Credit from $1,000 to $2,000. Even parents who don't earn enough to pay taxes can claim the credit up to $1,400. It increases the income level from $110,000 to $400,000 for married tax filers.  

It allows parents to use 529 savings plans for tuition at private and religious K-12 schools. They can also use the funds for expenses for home-schooled students.

It allows a $500 credit for each non-child dependent. The credit helps families caring for elderly parents. 

Big Changes to State and Local Tax Deductions (SALT)

During initial talks, Republicans called for eliminating almost all itemized deductions, including state and local tax (SALT) deductions, but keeping those for charitable deductions and mortgage interest. Ultimately, the TCJA capped SALT deductions to $10,000.

Previously, taxpayers who itemized could deduct their state and local income, property and general sales tax payments on their federal tax returns. This was especially useful for residents of high-tax states like California and New Jersey. If you think this change could alter your taxes, make sure you read up on the new rules of SALT deductions.

Trump Tax Plan Changes to the Mortgage Interest Deduction

For tax year 2017, homeowners who itemized their deductions could deduct their mortgage interest payments on mortgages up to $1 million. For 2018 and beyond, the new limit on this deduction is $750,000. If you’re married filing separately, your limit is $375,000 in mortgage interest.

Child Tax Credits Saw Big Changes

Under the new tax plan, the Child Tax Credit (CTC) is worth $2,000 per child under 17. The credit used to be $1,000. The credit is now available to more taxpayers, too. Previously, the credit began to phase out once you had income of $75,000 ($110,000 for joint filers). You now qualify to receive the full credit if your income is up to $200,000 ($400,000 for joint filers). The CTC is also refundable now up to $1,400. That means if the CTC brings your tax liability below zero, the IRS will send you a refund for the credit, up to $1,400. It was not refundable in the past so if it brought your liability below zero, you simply would owe nothing and would get no refund.

The adoption credit also remains in effect and is worth up to $13,750 per child.

Trump Tax Plan Doubles the Estate Tax Deduction

Under current law, the estate tax(40%) applies when multimillionaires transfer property to heirs. The Trump tax plan doubles the estate tax deduction from the 2017 value of $5.49 million for individuals up to $11.18 million. This higher limit allows wealthy families to transfer more money tax-free to their heirs.

Trump Tax Plan Lowers Corporate Tax Rate

Before 2018, the corporate tax rate was 35%. The TCJA reduced the rate to 21%. This flat rate applies to all corporate income (of at least $1).

How Have the Tax Brackets Changed?

As you can see, the biggest changes under the new Trump tax plan come for those in the middle of the chart. A married couple whose total income minus deductions is $250,000, for instance, would have had a tax rate of up to 33% in 2017. For 2018, their highest tax rate is just 24%. That leads to a fairly significant difference in take-home pay.

Those who earn less may also see a bit of a break. A single person making $39,000 in taxable income in 2017 saw a rate of 25%. In 2018, that drops to 22%.

You’ll also get a tax cut if you’re among the country’s highest earners. The highest tax bracket used to carry a 39.6% rate and apply to single people earning more than $418,401 and married couples, filing jointly, who earned more than $470,701 in taxable income. Now the highest rate, which is just 37%, kicks in at $500,001 for single people and $600,001 for married couples.

Other Changes to Income Taxes

The Act repeals the Obamacare tax on those without health insurance in 2019. Without the mandate, the Congressional Budget Office estimates 13 million fewer people would be insured. The government would save $338 billion by not having to pay their subsidies. But health care costs would rise because fewer people would get the preventive care needed to avoid expensive emergency room visits. Health insurance companies would lose money. Healthier people would drop coverage, leaving insurance firms with a higher proportion of sick enrollees.

The plan keeps the Alternative Minimum Tax. It increases the exemption from $54,300 to $70,300 for singles and from $84,500 to $109,400 for joint. The exemptions phase out at $500,000 for singles and $1 million for joint. The exemption reverts to pre-Act levels in 2026.  

Business Tax Rate

The Act lowers the maximum corporate tax rate from 35 percent to 21 percent, the lowest since 1939. The United States has one of the highest rates in the world. But most corporations don't pay the top rate. On average, the effective rate is 18 percent. Large corporations have tax attorneys who help them avoid paying more. 

Business Deductions

It raises the standard deduction to 20 percent for pass-through businesses. This deduction ends after 2025. Pass-through businesses include sole proprietorships, partnerships, limited liability companies, and S corporations. They also include real estate companies, hedge funds, and private equity funds. The deductions phase out for service professionals once their income reaches $157,500 for singles and $315,000 for joint filers. 

The Act limits corporations' ability to deduct interest expense to 30 percent of income. For the first four years, income is based on EBITDA. This acronym refers to earnings before interest, tax, depreciation, and amortization. Starting in the fifth year, it's based on earnings before interest and taxes. That makes it more expensive for financial firms to borrow. Companies would be less likely to issue bonds and buy back their stock. Stock prices could fall. But the limit generates revenue to pay for other tax breaks.

It allows businesses to deduct the cost of depreciable assets in one year instead of amortizing them over several years. It does not apply to structures. To qualify, the equipment must be purchased after September 27, 2017, and before January 1, 2023.

The Act stiffens the requirements on carried interest profits. Carried interest is taxed at 23.8 percent instead of the top 39.6 percent income rate. Firms must hold assets for a year to qualify for the lower rate. The Act extends that requirement to three years. That might hurt hedge funds that tend to trade frequently. It would not affect private equity funds that hold on to assets for around five years. The change would raise $1.2 billion in revenue.

It retains tax credits for electric vehicles and wind farms. 

It cuts deductions for client entertainment from 50 percent to zero. It retained the 50 percent deduction for client meals.

Other Changes to Corporate Taxes

The Act eliminates the corporate AMT.  The corporate alternative minimum tax had a 20 percent tax rate that kicked in if tax credits pushed a firm's effective tax rate below 20 percent. Under the AMT, companies could not deduct research and development spending or investments in a low-income neighborhood. Elimination of the corporate AMT adds $40 billion to the deficit.

Trump's tax plan advocates a change from the current "worldwide" tax system to a "territorial" system. Under the worldwide system, multinationals are taxed on foreign income earned. They don't pay the tax until they bring the profits home. As a result, many corporations leave it parked overseas. Under the territorial system, they aren't taxed on that foreign profit. They would be more likely to reinvest it in the United States. This will benefit pharmaceutical and high tech companies the most.

The Act allows companies to repatriate the $2.6 trillion they hold in foreign cash stockpiles. They pay a one-time tax rate of 15.5 percent on cash and 8 percent on equipment. The Congressional Research Service found that a similar 2004 tax holiday didn't do much to boost the economy. Companies distributed repatriated cash to shareholders, not employees.

It allows oil drilling in the Arctic National Wildlife Refuge. That's estimated to add $1.1 billion in revenues over 10 years. But drilling in the refuge won't be profitable until oil prices are at least $70 a barrel. 

How Trump Changed Tax Brackets Affects You

Among individuals, the tax plan helps higher-income families the most. The Tax Foundation said those in the 95 to 99 percent range would receive a 2.2 percent increase in after-tax income.  Those in the 20-80 percent income range would receive a 1.7 percent increase.

The Tax Policy Center broke it down a little more. Those in the lowest-earning fifth of the population would see their income increase by 0.4 percent. Those in the next-highest fifth would receive a 1.2 percent boost. The next two quintiles would see their income increase 1.6 percent and 1.9 percent, respectively. But the biggest increase, 2.9 percent, would go to those in the top-earning fifth.

To see how Trump's tax plan affects you personally, use this federal income tax calculator. 

How Trump Changed Tax Brackets Affects Businesses

The tax plan helps businesses more than individuals. Business tax cuts are permanent, while the individual cuts expire in 2025. But the nation's largest private employer, Walmart, said it will raise wages. It will also use the money saved by the tax cuts to give $1,000 bonuses and increase benefits.
As of March 2018, the tax cut spurred a record number of mergers. Corporations are using the cash windfalls to award dividends and buy back their own stock. In the first quarter, they spent $305 billion on share buybacks and cash mergers. They only spent $131 billion to increase wages, according to TrimTabs. That's just slightly above the pace over the last five years.

Apple agreed to pay $38 billion to bring home as much as $252 billion in overseas cash. It will invest $30 billion in capital spending, creating 20,000 jobs. The repatriation could also raise Treasury note yields. Corporations hold most of the cash in 10-year Treasury notes. When they sell them, the excess supply would send yields higher.

JPMorgan announced a $20 billion, five-year investment across its businesses.  It would increase charity donations by 40 percent to $1.75 billion over five years.

Trump Proposed a New Tax Cut for Middle-Income Families

On October 23, 2018, Trump proposed a new 10 percent tax cut focused on the middle class. But the plan fell apart after the mid-term elections. Congress also has no plan to make the individual tax cuts permanent.

Trump Versus Bush and Obama Tax Cuts
The biggest difference between the Trump and Bush or Obama tax cuts is the timing.  The Trump tax cut occurred while the economy was solidly in the expansion phase of the business cycle. 

The Bush tax cuts occurred during the 2001 recession and the years immediately following. Congress was concerned that the recession would worsen without the cuts

President Obama cut taxes in the 2009 economic stimulus package. Between that and the government spending, the recession ended in July. The 2010 Obama cuts occurred only two years after the 2008 financial crisis. Ending the cuts might have thrown the economy back into recession.

All three cuts increased the deficit and debt. 

Trump's Promises No Longer in the Plan

Trump's 2016 proposal allowed up to $2,000 to be deposited tax-free into a Dependent Care Savings Account. The account would grow tax-free to pay for a child's education. Taxpayers could also receive a rebate for the Earned Income Tax Credit and deposit it in the DCSA. 

Trump promised to end the AMT for individuals. 

Trump promised to increase taxes on carried interest profits, not just stiffen requirements. But lobbyists for those industries convinced Congress to ignore Trump's pledge.

Trump promised to end the Affordable Care Act tax on investment income.   

How Tax Rates Work

Remember that the tax rates are marginal. The tax rate of your total income applies only to the income earned in that bracket. For instance, if your taxable income is $300,000 in 2018, only the income you earn past $200,001 will be taxed at the rate of 35% shown on the chart above. The lower rates apply to income in the corresponding brackets.

This is important to consider when thinking about deductions and figuring out your taxable income. Just because your total income is pushing into a new tax bracket, that doesn’t mean all of your money is taxed at that rate – just anything above the threshold for the new bracket.

As noted above, the new Trump tax brackets didn’t apply until the 2018 tax year, which you will file by April 2019. For years after 2018, the brackets will stay the same but the income thresholds will change slightly to keep up with inflation. If you’re wondering how the tax changes affect your specific tax situation, use  income tax calculator to see what you can expect to pay under the new plan.

The U.S. tax code isn’t always the most straightforward and things can get more confusing when there are changes from one year to the next. The Tax Cuts and Jobs Act made some big changes to the tax code, particularly to deductions and the tax brackets. It’s a good idea to review the new changes, especially if you usually itemize deductions. (We also took a look at who should itemize under the new tax plan.)

When you go through your first tax filing with the new laws, it’s a good idea to use a good tax filing service. We did our annual roundup of the best tax filing software so that you can get through this tax season as painlessly as possible.

Another option to consider is working with a financial advisor. A financial advisor who specializes in taxes can help you navigate the changes to the law. This is especially useful if you have a complicated tax situation or if you usually itemize deductions. To make finding an advisor as simple as possible, we created a tool to match you with a financial advisor in your area. Just answer some questions about your financial situation and goals, and you’ll be matched with up to three advisors in your area who can provide expertise based on your profile and goals. You can then check out the advisors’ profiles, interview them on the phone or in person and choose who to work with.

US national debt
Republicans are relying not only on the empirical experience of the voters, but also on the campaigning campaign planned by their activists in at least 36 of them 50.

"Reagan tax cuts in 1981 initially did not enjoy widespread support," said political consultant Tim Phillips, who heads a political organization funded by billionaires by the Coke brothers. "People saw that the changes were beneficial only as time passed. Now they are looked upon as historical an achievement that spawned a decade of economic growth. "

Republicans do not argue that tax cuts will increase US public debt, but consider opposition claims to be hypocritical because the Democrats did not object when Barack Obama almost doubled Uncle Sam’s debts in the White House for eight years.

Proponents of the reform claim that reducing the maximum tax rate on American corporations to 21% instead of the current 35% will spur an economic breakthrough that will neutralize the increase in US debt due to a reduction in tax revenues to the treasury.

Secondly, they say, by reducing the tax rate on big business (now one of the highest in the world), Republicans will deprive their businessmen of the reason to transfer campaigns to countries with more favorable tax regime and give them an incentive to repatriate billions of dollars from offshore companies.

Taxes and health insurance
Democrats argue that all reform has the main goal to bestow the benefit of moneybags at the expense of the common people.

Republicans feign that progressive taxation in the United States, in which the rich pay a disproportionate amount of taxes and therefore deserve more reduction.

As the conservative Washington Times recalled on Wednesday, the top 20% of the richest taxpayers will pay 65% ​​of all taxes in the country next year, and the top 5% will be half of all taxes.

On the other hand, conservatives say, tens of millions of the poorest Americans do not pay federal taxes altogether and collectively receive tens of billions of dollars from the government in the form of social assistance.

After the summer failure of their attempts to cancel Obama’s medical reform, Republicans needed a victory and now have it. However, they did not forget about Obama’s medical restructuring, but instead of trying to cancel it in bulk, they now pinch off a piece of it.

The tax reform law provides for the abolition in 2019 of the obligation imposed by Obama of every American to have health insurance or pay a fine, the amount of which increases with time to a substantial amount.

Democrats complain that the ruling party’s attacks on Obama’s reform will deprive the mass of Americans of their health insurance.

The reform also permits oil production in a reserve in Alaska, for which local politicians and businessmen lick themselves for many years. Environmentalists, who have long prevented drilling in the reserve, are once again convinced that they voted against Trump for good reason, and are looking forward to the presidential elections of 2020.

References:

[1] Trump Tax Cuts Have Strengthened U.S. Economy https://www.whitehouse.gov/articles/trump-tax-cuts-strengthened-u-s-economy/

[2] President Trump’s Tax Plan Is Working for America https://www.whitehouse.gov/articles/president-trumps-tax-plan-working-america/

[3] President Trump’s Tax Cuts Have Been A Win For Small Business https://www.whitehouse.gov/articles/president-trumps-tax-cuts-win-small-business/

[4] Tax Reform | Internal Revenue Service - IRS.gov https://www.irs.gov/tax-reform

[5] Treasury, IRS Announce First Round Of Opportunity Zones Designations For 18 States https://home.treasury.gov/news/press-releases/sm0341