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Impact of the Tax Cuts and Jobs Act on Law Firms
President Trump and members of Congress have delivered on their promise to give all Americans (or at least most of us) a tax cut this year. On Nov. 16, 2017, the United States House of Representatives did its part. By a vote of 227 to 205, the lower chamber passed the most sweeping tax legislation we've seen in the past 30 years, the Tax Cuts and Jobs Act of 2017.
After a frenzied round of deal making, the Senate passed a tax reform bill on December 2. Majorities in both the House and the Senate voted in favor of a conference bill on December 19th. The President signed the bill into law on December 22. They said they desire to lower business and individual tax rates, modernize U.S. international tax rules and simplify the tax code. The Act does not treat taxpayers in all industries identically, however.
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