There were several changes to the income tax—including the reduction in the top corporate tax rate to 21 percent, the reduction in individual income tax rates, including a new top marginal income tax rate of 37 percent and the imposition of a $10,000 cap on the deduction for state and local income, sales and property taxes—the most controversial income tax topic may be the new 20 percent pass-through deduction.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.