How the Tax Reform Act of 2017 will Affect Individuals

February 19, 2018

How the 2017 Tax Reform Act Affects Individuals

The Tax Cuts and Jobs Act, H.R. 1, passed by Congress and signed by the President in 2017, contains a large number of provisions that would affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals would expire after 2025. At that time, if no future Congress acts to extend H.R. 1’s provision, the individual tax provisions would sunset, and the tax law would revert to its current state.