Examining the 2017–2018 Tax Law Changes

One Firm's Before-and-After Comparison of Actual Taxpayers

David B. Mirsky, CPA/PFS, CFP, CMA

The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the most sweeping changes to the tax code in decades. It promised to put more money into the hands of individual taxpayers and small businesses, stimulate job creation, and repatriate offshore profits. But, one year later, what has the actual impact of the law been? This author's firm, a full-service financial management firm located in Rochester, New York, wanted to find out, and conducted a tax analysis of its clients to determine their potential tax liability under the new law. In short, some taxpayers will do better than others, and individual circumstances matter greatly, but in general, married couples filing jointly and high-income individuals will receive relatively greater tax savings under the TCJA.