Trick(led) or Treat
A look at tax reform and trickle-down economics. Current Situation Just before Christmas, Congress passed its new Tax Bill. The legislation will lower individual tax rates (though the individual tax cuts will expire in 2025). In addition, the standard deduction will nearly double, but personal exemptions will be eliminated. Mortgage tax deductions will be reduced and all itemized deductions will be eliminated. The estate tax threshold will double and pass through income tax r