09 Nov Trump’s tax reform
The Tax Cuts and Jobs Act was passed on December 22, 2017 and brought sweeping changes to the US tax code. Some of the major changes that impact US/Australian dual citizens are:
- Personal income tax rates were reduced and there was consolidation of several tax brackets.
- Standard deduction increased to $12,000.
- Personal exemptions were suspended.
- Mortgage interest deduction was capped.
- Tax deduction for State and Local taxes was capped to $10,000.
- Suspension of moving expenses deduction.
- Transition tax for US shareholders of non-US corporations on the retained earnings.
- Increased estate tax lifetime $11M.
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