After several expeditious weeks of deliberation and negotiation, Congress officially passed the Tax Cuts and Jobs Act on Wednesday, December 20th to take effect the first day of 2018. The bill represents the most comprehensive and impactful piece of tax reform to be enacted since that of the Reagan Administration in 1986, and it has several key implications for individual taxpayers, investors, and corporations of all sizes. The following synopsis of the primary highlights of the tax bill are by no means exhaustive but are meant to inform you of the most significant takeaways to you as taxpayers and investors.
Those of you “of a certain age” may recognize the title as the final lyrics of The Who’s 1971 rock classic “Won’t Get Fooled Again.” I don’t know if Pete Townshend created or borrowed those lyrics, but what brings them to mind is President Trump’s nomination of Jerome Powell as the Fed’s Chair, to succeed Janet Yellen when her term expires in early 2018.
Be aware that criminals are sending text messages to customers and non-customers, claiming to be First Merchants Bank, regarding their account. This is a fraudulent message and should not be responded to.