Given the complexity of changes to the tax code in the United States, there is much to consider in determining
the impact tax legislation will have on each of us with regard to income and retirement planning.
The law includes tax-rate cuts for individuals, corporations and pass-through businesses, and eliminates many individual and business deductions. It increases exemptions for gift and estate taxes; the generation-skipping transfer (GST), which addresses wealth transfer; and the Alternative Minimum Tax (AMT), a supplemental tax affecting high income earners. It also makes numerous changes affecting multinational businesses. While the law lowers the tax rates for many income levels, determining the overall impact on you or your family will depend on a variety of other changes in the law, including increases in the standard deductions, the elimination of personal and dependent exemptions, and the limitation or elimination of many personal deductions. Accordingly, not everyone will experience a lower tax burden.
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