2020 23.09

The Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) effected a number of tax changes that ben­e­fitted high-net-worth in­dividuals and businesses.

The changes that benefitted high net worth individuals include:

  • lowering the income tax rates
  • in­creasing the standard deduction
  • reducing the alternative minimum tax
  • allowing capital gains to be rolled over into qualified opportu­ni­ty zone funds; and
  • nearly doubling the estate and gift tax exemption.

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