Tax Cuts and Jobs Act
A term to know.
This Act, formerly known as H.R. 1 in the 115th Congress, and codified as Pub. L. 115-97, made significant changes in individual and corporate income tax, charitable giving, and (to a lesser extent) estate, gift, and generation-skipping tax provisions. For example, the standard deduction was doubled, many individual income tax deductions and credits were eliminated or reduced, the corporate tax rate was reduced substantially, and estate, gift, and generation-skipping tax exemptions were doubled. H.R. 1 was signed into law on December 22, 2017 by President Trump, and constitutes the first major tax reform since 1986.