After making its way through Congress and seeing numerous last-minute tweaks, the tax reform bill was approved by Congress and then signed by President Trump on December 22, 2017. The new tax rates and countless other provisions generally took effect on January 1, 2018. The charts beginning on the following page, aimed at individuals and businesses, provide insight into changes made and provisions left intact. They provide brief explanations of past tax law and the Tax Cuts and Jobs Act of 2017, as well as insight from Raymond James thought leaders.
"Click Charts to see the following illustrate the difference in the 2018 income tax brackets for the various filing statuses under the new tax laws versus what it would have been without these tax law changes: "