Financial Freedom: What does tax reform mean to me?

© 2017-Newport News Times

The current Tax Cuts and Jobs Act proposal is seeking the biggest transformation of the U.S. tax code in more than 30 years. It aims to permanently reduce the corporate tax rate from 35 percent to 20 percent, compress the number of individual income tax brackets, and repeal the taxes paid by large estates starting in 2024. Although there was talk of changes to the pre-tax limit of 401(k) contributions, the draft act had no changes to 401k plans. The proposal is attempting to simplify the current tax code. How will this affect us?

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