The Senate’s version of the Tax Cut and Jobs Act (TCJA) is a big, sprawling bill that makes hundreds of changes in the tax code. It is easy to be overwhelmed by the complexity of the Senate bill, but to keep matters simple, here are seven key take-aways:The price tag. Individual income tax: About one-third of the bill’s net tax cuts would come from reductions in the non-business portion of the individual income tax. Itemized deductions: The biggest structural change in the individual income tax is its effect on the role of itemized deductions. But some business owners would be unable to benefit from the tax cut.

Source: Forbes December 05, 2017 16:18 UTC